The bill aims to enhance the ability of public housing authorities in Washington State to finance affordable housing developments by rebenchmarking area median income limits. It amends RCW 35.82.070, which outlines the powers and functions of public housing authorities. Key changes include an increase in the income threshold for low-income individuals from 50% to 80% of the area median income, adjusted for household size. This adjustment allows for a broader range of individuals to qualify for affordable housing, thereby expanding the potential tenant base and addressing housing shortages.

Additionally, the bill stipulates that for developments owned by for-profit entities, the required rental rates for low-income units must not exceed 15% of the area median income, unless rent subsidies are provided. It also clarifies that if a development is owned by a governmental entity or a nonprofit organization, it will not be classified as for-profit as long as certain conditions regarding income limits and ownership agreements are met. These amendments are designed to facilitate the construction and management of affordable housing projects, ultimately supporting the state's goal of increasing housing supply for low-income residents.

Statutes affected:
Original Bill: 35.82.070
Bill as Passed Legislature: 35.82.070
Session Law: 35.82.070