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File #: 2009-0551    Version:
Type: Ordinance Status: Passed
File created: 9/21/2009 In control: Budget and Fiscal Management Committee
On agenda: 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 -
Attachments: 1. 16693.pdf, 2. 11-03-09 Staff Report, 3. 2009-0551 Fiscal Note.xls, 4. 2009-0551 Interim Loan Guidelines FINAL Carroll.doc, 5. 2009-0551 Staff Report - Interim Loan Guidelines (11-04-09).doc, 6. 2009-0551 Transmittal Letter.doc, 7. Revised Staff Report, 8. Staff Report 11 10 09
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...

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