Drafter
Clerk 09/20/2001
title
A MOTION approving revised program guidelines for the credit enhancement program for the development of affordable workforce housing in cooperation with project developers and lenders.
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WHEREAS, there is a significant need for workforce housing to serve moderate income households in King County, and
WHEREAS, federal housing resources for housing are in decline and local and state assistance remain inadequate to meet housing needs, and
WHEREAS, 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, and
WHEREAS, Ordinance 12808, as amended, authorizes the executive to administer a credit enhancement program using the county's full faith, credit and resources to assist the poor and infirm obtain workforce housing, and
WHEREAS, the council approved program guidelines in Motion 10445 in April 1998, which have been used to approve three subsequent credit enhancement projects, and
WHEREAS, the attached program guidelines contain revisions based on the experience of implementing the credit enhancement program, and will clarify program requirements and encourage partnerships with private developers and lenders in the development of affordable housing;
NOW, THEREFORE, BE IT MOVED by the Council of King County:
The executive is authorized to implement the credit enhancement program for affordable housing in accordance with the attached revised program guidelines.