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AN ORDINANCE amending an interim loan program to facilitate acquisition of property for low-income housing; and amending Ordinance 16693, Section 3, and K.C.C. 24.22.020.

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                     BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:

                     SECTION 1.  Ordinance 16693, Section 3, and K.C.C. 24.22.020 are each hereby amended to read as follows:

                     A.  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 ((opportunity)) 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 homeless housing for households at or below fifty percent of area median income for King County.  Interim loans will be awarded only when the project sponsor can provide satisfactory assurances of project feasibility such that permanent funding for the project is highly likely to be secured and the interim loan amount will be repaid within a reasonable period of time, not to exceed five years.  No more than ((six)) ten million dollars shall be made available for interim loans at any time.