(1) Using moneys specifically appropriated for such purpose, the department shall finance in whole or in part projects that will provide housing for low-income households.
(2) Activities eligible for assistance include, but are not limited to:
(a) New construction, rehabilitation, or acquisition of housing for low-income households;
(b) Rent subsidies in new construction or rehabilitated multifamily units;
(c) Down payment or closing costs assistance for first-time home buyers;
(d) Mortgage subsidies for new construction or rehabilitation of eligible multifamily units; and
(e) Mortgage insurance guarantee or payments for eligible projects.
(3) Legislative appropriations from capital bond proceeds may be used only for the costs of projects authorized under subsection (2)(a), (c), (d), and (e) of this section, and not for the administrative costs of the department.
(4) Moneys from repayment of loans from appropriations from capital bond proceeds may be used for all activities necessary for the proper functioning of the affordable housing program except for activities authorized under subsection (2)(b) of this section.
(5) Administrative costs associated with application, distribution, and project development activities of the department may not exceed three percent of the annual funds available for the affordable housing program. Reappropriations must not be included in the calculation of the annual funds available for determining the administrative costs.
(6) Administrative costs associated with compliance and monitoring activities of the department may not exceed one-quarter of one percent annually of the contracted amount of state investment in the affordable housing program.
[ 2013 c 145 § 5; 2011 1st sp.s. c 50 § 954. Prior: 2005 c 518 § 1803; 2005 c 219 § 3; 1994 c 160 § 3; 1991 c 356 § 12.]
NOTES:
Effective dates—2011 1st sp.s. c 50: See note following RCW 15.76.115.
Effective date—2005 c 518: See note following RCW 28A.600.110.