Drafter
Clerk 04/08/2026
Title
AN ORDINANCE amending an interim loan program to facilitate acquisition of property for low-income housing, allowing for the executive to extend loan terms and grant further flexibility to county partners; and amending Ordinance 16693, Section 3, as amended, and K.C.C. 24.22.020, Ordinance 16693, Section 4, and K.C.C. 24.22.030, and Ordinance 16693, Section 5, and K.C.C. 24.22.040.
Body
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Ordinance 16693, Section 3, as amended, and K.C.C. 24.22.020 are hereby amended to read as follows:
The interim loan program will add to the stock of housing for low-income and special needs residents of King County by facilitating acquisition of low-income housing using homeless housing and services program moneys and mental illness and drug dependency housing services moneys in the housing and community development fund. These funding sources are collected and awarded to projects annually but are spent down in a manner that creates a fund balance that is carried over from year to year. The interim loan program will allow the county to loan moneys from these low-cost fund balances to experienced housing developers on a short-term, interim basis to acquire property for affordable (and) or homeless housing for households at or below ((fifty)) sixty percent of area median income for King County. Interim loans will be awarded only when the project sponsor can provide satisfactory assurances of project feasibility such that permanent funding for the project is highly likely to be secured and the interim loan amount will be repaid within a reasonable ((period of)) time, not to exceed five years; however, the executive may extend the initial loan term by up to an additional five years. No more than fifteen million dollars shall be made available for interim loans at any time.
SECTION 2. Ordinance 16693, Section 4, and K.C.C. 24.22.030 are hereby amended to read as follows:
A. The departm...
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