The bill amends RCW 35.82.070 to enhance the capabilities of public housing authorities in Washington State to finance affordable housing developments. Key provisions include the authority to make loans to individuals and entities for the acquisition, construction, or rehabilitation of housing for low-income persons, with a requirement that at least 50% of the units in any development financed must be affordable to low-income individuals. Additionally, the bill introduces new language specifying that for-profit entities must ensure that rents for these units are affordable to individuals earning no more than 80% of the area median income, while removing previous stipulations regarding maximum rent limits unless subsidies are provided.

The bill also allows public housing authorities to contract with public corporations for the development of new housing projects and to engage in various activities related to property management and maintenance. It emphasizes the importance of maintaining affordable housing options and outlines the conditions under which commercial space can be included in housing developments. Overall, the legislation aims to streamline the process for public housing authorities to support the creation and maintenance of affordable housing, thereby addressing the growing housing supply challenges in the state.

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