File #: 2001-0479    Version:
Type: Ordinance Status: Passed
File created: 9/24/2001 In control: Growth Management and Unincorporated Areas Committee
On agenda: Final action: 12/10/2001
Enactment date: 12/18/2001 Enactment #: 14269
Title: AN ORDINANCE relating to the credit enhancement program for affordable workforce housing; and amending Ordinance 12808, Section 2, as amended, and Ordinance 12808, Section 3, as amended, and adding a new chapter to K.C.C. Title 24.
Sponsors: Cynthia Sullivan
Indexes: Housing
Code sections: 24 -
Attachments: 1. Ordinance 14269.pdf, 2. 2001-0479 Transmittal Letter.doc, 3. None, 4. REVISED STAFF REPORT
Staff: Mountsier, Beth
Drafter
Clerk 12/05/2001
title
AN ORDINANCE relating to the credit enhancement program for affordable workforce housing; and amending Ordinance 12808, Section 2, as amended, and Ordinance 12808, Section 3, as amended, and adding a new chapter to K.C.C. Title 24.
body
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Findings.
A. It is hereby found and declared that the public interest, welfare and benefit require that the county utilize all appropriate and available national, state and local resources to aid the poor and infirm of King County. Chief among the needs of low- and moderate-income households, elderly and disabled persons is suitable and affordable housing. Local government involvement assisting development of housing for 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. The council also finds that a component of housing price is the cost of financing the acquisition and construction of the housing and the required repayment of short and long-term loans. The interest rate associated with loans 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 additional nine units of housing affordable to very low-income households.
E. In 1997, the council adopted Ordinance 12808 establishing a credit enhancement program and directed the executive to prepare guidelines for program administration.
F. In 1998, the council ...

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