Establishes an affordable homeownership revolving loan fund program for low-income households.
The bill creates an affordable homeownership revolving loan fund program in Washington. The program, administered by the Washington state housing finance commission, provides loans to eligible organizations for constructing affordable housing for low-income households. These loans must be used for projects that serve low-income households for at least 99 years. The commission sets criteria for loan awards, including readiness for construction, cost efficiency, and location.
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