Affordable Housing; EHB 3142

The state house passed HB 3142 last week (94-1) and sent to the senate HB 3142, which amends RCW Chapter 185A., involving the affordable housing land acquisition revolving loan fund. The bill notes that the time taken to process these loans made prospective fund borrowers less competitive than their for-profit developer counterparts. The Act provides for a 30 day turnaround on loans from zero to three percent for the purpose of providing affordable housing. This fund is a great resource, creating a practical means of providing affordable housing. I’m surprised that greater use is not made of it. Perhaps if this bill passes the senate (the session ends March 13) and is signed by the governor, the fund will receive greater use. The bill’s sponsors in the house are representatives Liias, Chase, Walsh, Ericks, Loomis, Miloscia, Rolfes, Linville, Dickerson, Green, Morrell, Kelley, Wood, Nelson, Santos, Ormsby


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