The bill aims to prohibit homebuyers from receiving multiple state-funded down payment assistance loans or grants, emphasizing the need for fair and transparent distribution of limited public resources. The legislature recognizes that instances of "stacking" multiple assistance programs have hindered the overall effectiveness of these investments, leaving some families without the necessary support to achieve homeownership. By limiting each homebuyer to one state-funded down payment assistance offer, the bill seeks to expand access to homeownership for more first-time buyers and maintain public trust in these programs.

To implement this prohibition, the bill amends existing laws, specifically RCW 43.79.567, RCW 43.185A.140, and RCW 43.181.040, by inserting language that clearly states a homebuyer is prohibited from receiving multiple state-funded down payment assistance loans or grants from any of the specified programs. It also establishes that a homebuyer applying for assistance under multiple programs or for multiple offers within a single program is only eligible to accept one state-funded loan or grant. This legislative change is intended to ensure that assistance is allocated more equitably among those in need, thereby enhancing the overall impact of state-funded homeownership initiatives.

Statutes affected:
Original bill: 43.79.567, 43.185A.140, 43.181.040