Establishes a revolving loan fund for mixed-income affordable homeownership development in Washington.

The bill creates a revolving loan fund in the Department of Commerce to support mixed-income affordable homeownership development. The Washington State Housing Finance Commission administers the fund, providing loans to eligible organizations for projects that include permanently affordable homeownership housing for low-income households. The commission sets criteria for loan eligibility, including project readiness, private capital leveraged, and geographic distribution. Loans are capped at $5,000,000 or 20% of total project costs, with potential exceptions.

Establishes a revolving loan fund for mixed-income affordable homeownership development in Washington.

The bill creates a revolving loan fund in the Department of Commerce to support mixed-income affordable homeownership development. The Washington State Housing Finance Commission administers the fund, providing loans to eligible organizations for projects that include permanently affordable homeownership housing for low-income households. The commission sets criteria for loan eligibility, including project readiness, private capital leveraged, and geographic distribution. Loans are capped at $5,000,000 or 20% of total project costs, with potential exceptions.