King County - File #: 2009-0551

• File #: 2009-0551
• Version: 2
• Type: Ordinance
• Status: Passed
• File created: 9/21/2009
• In control: Budget and Fiscal Management Committee
• Final action: 11/16/2009
• Enactment date: 11/30/2009
• Enactment #: 16693
• Title: AN ORDINANCE authorizing the executive to develop and administer an interim loan program to facilitate acquisition of property for low income housing; and adding a new chapter to K.C.C. Title 24.
• Sponsors: Larry Gossett, Julia Patterson
• Indexes: Housing
• Code sections: 24 -

Date	Ver.	Action By	Action	Result
11/16/2009	2	Metropolitan King County Council	Hearing Held
11/16/2009	2	Metropolitan King County Council	Passed	Pass
11/10/2009	1	Budget and Fiscal Management Committee	Recommended Do Pass Substitute Consent	Pass
11/4/2009	1	Budget and Fiscal Management Committee	Deferred
11/3/2009	1	Budget and Fiscal Management Committee	Deferred
10/27/2009	1	Budget and Fiscal Management Committee	Deferred
9/21/2009	1	Metropolitan King County Council	Introduced and Referred

Drafter
Clerk 11/12/2009
Title
AN ORDINANCE authorizing the executive to develop and administer an interim loan program to facilitate acquisition of property for low income housing; and adding a new chapter to K.C.C. Title 24.
Body
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Sections 2 through 7 of this ordinance should constitute a new chapter in K.C.C. Title 24.
NEW SECTION. SECTION 2. The executive is hereby authorized to develop and administer in the department of community and human services an interim loan program to facilitate acquisition of property for low-income housing. The executive is further authorized to enter into interim loan agreements with low-income housing developers. The interim loan program and its interim loan agreements shall comply with policies and requirements in this chapter.
NEW SECTION. SECTION 3. A. 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 opportunity 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 homeless housing for households at or below fifty 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. No more than six million dollars shal...