The bill aims to enhance the capacity of public housing authorities in Washington State to finance affordable housing developments. It amends RCW 35.82.070, expanding the powers of these authorities to include the ability to make loans to low-income individuals for housing acquisition and improvements, as well as to finance developments that ensure at least 50% of the units are designated for low-income residents. The bill also introduces provisions that require for-profit entities to rent units to individuals whose incomes do not exceed 80% of the area median income, with specific affordability criteria.

Key changes in the bill include the insertion of language that specifies the rental rates for units must be affordable to low-income individuals, replacing previous stipulations regarding maximum rent limits. Additionally, the bill clarifies that developments owned by governmental entities or nonprofit organizations will not be classified as for-profit if they meet certain control and affordability criteria. These amendments are designed to facilitate the construction and management of affordable housing while ensuring that a significant portion of the housing stock remains accessible to low-income families.

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