Drafter
Clerk 07/08/2026
Title
AN ORDINANCE amending an interim loan program to facilitate acquisition of property for low-income housing, allowing for the executive to extend loan terms and grant further flexibility to county partners; and amending Ordinance 16693, Section 3, as amended, and K.C.C. 24.22.020, Ordinance 16693, Section 4, and K.C.C. 24.22.030, and Ordinance 16693, Section 5, and K.C.C. 24.22.040.
Body
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Findings:
A. Various market conditions, including uncertainty surrounding federal Continuum of Care funding and limited state and local resources available to support homeless housing, have increased the time required for affordable housing developers to secure sufficient financing to complete affordable housing projects.
B. Those market conditions have adversely affected the ability of affordable housing developers to satisfy the requirements and repayment timelines of their interim loans.
C. The absence of an option to extend the terms of interim loans would have detrimental impacts on the program and could hinder the successful completion of affordable housing projects.
SECTION 2. Ordinance 16693, Section 3, as amended, and K.C.C. 24.22.020 are hereby amended to read as follows:
The interim loan program will add to the stock of housing for low-income and special needs residents of King County by facilitating acquisition of low-income housing using homeless housing and services program moneys and mental illness and drug dependency housing services moneys in the housing and community development fund. These funding sources are collected and awarded to projects annually but are spent down in a manner that creates a fund balance that is carried over from year to year. The interim loan program will allow the county to loan moneys from these low-cost fund balances to experienced housing developers on a short-term, interim basis to acquire property for affordable ((and)) or homeles...
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