Title
A MOTION supporting a multicounty work force housing down payment assistance initiative to assist in restoring the economic vitality of western Washington
Body
WHEREAS, the American Recovery and Reinvestment Act was passed by the United States Congress with the goal of stimulating the economy and providing jobs for Americans, and
WHEREAS, one of the principle drivers in the current economic crisis is the decline of the housing industry, resulting in increasing foreclosures, loss of jobs and reductions in public and private revenues, and
WHEREAS, this decline has led to thousands of homes being on the market, often at depressed prices, which further depressed the real estate market and increases unemployment, and
WHEREAS, an active housing industry is a major creator of jobs and wealth; construction of one hundred single family units has been shown to create one hundred jobs, $18.1 million in local income and $2.8 million in taxes and fees; and
WHEREAS, the Puget Sound region has been concerned for a number of years over the issue of "workforce housing," which refers to the difficulty of working families in this region who have moderate means of affording homes in the communities where they work, and
WHEREAS, in the current depressed market, many of these families could afford to purchase homes, having the necessary credit and the ability to make payments, but lack the necessary down payment, and
WHEREAS, assisting these families in the purchase of a home would have multiple benefits including increasing the availability of housing to middle income families, reducing the existing over-supply of housing on the market, creating jobs, increasing family incomes and providing local revenues for local, state and federal governments, and
WHEREAS, the Puget Sound region seeks to apply principles of equity and social justice through an economic strategy that will create communities of opportunity, where individuals have access to livable wages, aff...
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