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File #: 2017-0376    Version: 1
Type: Ordinance Status: Passed
File created: 9/18/2017 In control: Health, Housing and Human Services Committee
On agenda: Final action: 10/23/2017
Enactment date: Enactment #: 18591
Title: AN ORDINANCE relating to credit enhancement for affordable housing, establishing a King County Housing Authority credit enhancement program, replacing outdated references to the housing opportunity fund; amending Ordinance 12808, Section 2, as amended, and K.C.C. 24.28.010, Ordinance 12808, Section 3, as amended, and K.C.C. 24.28.020 and Ordinance 14269, Section 4, as amended, and K.C.C. 24.28.030, adding a new section to K.C.C. chapter 24.28 and repealing Ordinance 14269, Section 5, as amended, and K.C.C. 24.28.040.
Sponsors: Jeanne Kohl-Welles, Dave Upthegrove
Indexes: Housing, Housing Authority
Code sections: 24.28 - *, 24.28.010 - , 24.28.020 - ., 24.28.030 - *, 24.28.040 - *
Attachments: 1. Ordinance 18591.pdf, 2. Legislative Review Form.pdf, 3. 2017-0376 Transmittal Letter.doc, 4. 2017-0376 Copy of KCHA Credit Enhancement Program - Fiscal Note Updated.xls, 5. 2017-0376_SR_KCHA-CreditEnhancement.docx, 6. 2017-0376_SR_dated_10172017_KCHA-CreditEnhancement-10-17-17.docx
Staff: Bourguignon, Mary
Drafter
Clerk 09/07/2017
Title
AN ORDINANCE relating to credit enhancement for affordable housing, establishing a King County Housing Authority credit enhancement program, replacing outdated references to the housing opportunity fund; amending Ordinance 12808, Section 2, as amended, and K.C.C. 24.28.010, Ordinance 12808, Section 3, as amended, and K.C.C. 24.28.020 and Ordinance 14269, Section 4, as amended, and K.C.C. 24.28.030, adding a new section to K.C.C. chapter 24.28 and repealing Ordinance 14269, Section 5, as amended, and K.C.C. 24.28.040.
Body
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Findings:
A. The public interest, welfare and benefit require that the county utilizes all appropriate and available national, state and local resources to aid the poor and infirm of King County. Chief among the needs for very low, low- and moderate-income households, elderly, and disabled persons is suitable and affordable housing. Local government involvement ensuring construction of housing for very low, low-, moderate- and median-income households is needed in the current and foreseeable future of the housing market in King County. It is necessary to develop a variety of tools, incentives, and mechanisms to generate and provide funding for workforce housing.
B. A component of housing price is the cost of financing the construction of the housing and the required repayment of short and long-term loans from private and public resources. The interest rate associated with loans for any project can greatly affect the overall cost of the housing.
C. Article VIII, Section 7 of the Washington State Constitution allows the county to give money, or property, or loan its money, or credit to or in aid of any individual association, company or corporation when it is for the necessary support of the poor or infirm.
D. King County, in 1995, successfully entered into a contingent loan agreement with the King County Housing Authority, thereby funding an ...

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