Drafter
Clerk 03/24/2008
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AN ORDINANCE relating to the credit enhancement program for affordable workforce housing; and amending Ordinance 12808, Section 2; as amended, and K.C.C. 24.28.010, Ordinance 14269, Section 4, and K.C.C. 24.28.030 and Ordinance 14269, Section 5, and K.C.C. 24.28.040.
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BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Ordinance 12808, Section 2, as amended, and K.C.C. 24.28.010 are each hereby amended to read as follows:
The executive is hereby authorized to implement a credit enhancement program utilizing the county's full faith, credit and resources to make available credit enhancements for workforce housing projects assisting the poor and infirm. The executive is further authorized to enter contingent loan agreements with housing developers provided that the total amount of outstanding project debt benefiting from a credit enhancement from King County through this program shall not exceed ((one)) two hundred million dollars. The credit enhancement program and contingent loan agreements shall adhere to the parameters defined in K.C.C. 24.28.020.
SECTION 2. Credit enhancement program purpose and design.
A. The credit enhancement program will add to the stock of workforce housing aiding the poor and infirm of King County. The program is intended to create an incentive to develop new types of housing, increased affordability for residents, and realization of multiple growth management goals. Extension of credit enhancements to housing developers to secure favorable financing terms for housing projects shall result in tangible benefits to the direct beneficiaries, who are poor and infirm residents of the proposed housing, and other public benefits, as appropriate. Credit enhancements may be utilized when:
1. Enabling the development of needed housing that would not otherwise have been built were the credit enhancement unavailable;
2. Increasing the affordability of individual units that are...
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