11-110 - King County - Regional Affordable Housing Program

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11 -110 Council Approval 8/15/11 REGIONAL AFFORDABLE HOUSING PROGRAM INTERLOCAL COOPERATION AGREEMENT An Agreement for the use of SHB 2060 Local Low Income Housing Funds in King County THIS AGREEMENT is entered into between King County, a municipal corporation and political subdivision of the State of Washington, hereinafter referred to as the "county and the Citv of Tukwila. hereinafter referred to as the "City said parties to the Agreement each being a unit of general local government of the State of Washington. RECITALS WHEREAS, the King County Countywide Planning Policies, hereinafter referred to as the "CPPs developed pursuant to the Washington State Growth Management Act, have established standards for cities to plan for their share of regional growth and affordable housing; and WHEREAS, to implement the CPPs, the King County Growth Management Planning Council appointed a public private Housing Finance Task Force in 1994, hereinafter referred to as the "HFTF," to recommend potential fund sources for affordable housing for existing low income residents and for meeting the affordable housing targets for future growth; and WHEREAS the HFTF recommended a document recording fee as a source of regional dollars for low- income housing development and support, and recommended that representatives of the county, cities and the housing community work together to make decisions about the use and administration of such a fund; and WHEREAS RCW 36.22.178 provides, in pertinent part, that: [A] surcharge of ten dollars per instrument shall be charged by the county auditor for each real property document recorded, which will be in addition to any other charge authorized by_ laW. The county may retain up to five percent of these funds collected solely for the collection, administration and local distribution of the funds. Of the remaining funds, forty percent of the revenue generated through this surcharge will be transmitted monthly to the state treasurer All of the remaining funds generated by this surcharge will be retained by the county and deposited into a fund that must be used by the county and its cities and towns for eligible housing projects or units within housing projects that are affordable to very low- income households at or below fifty percent of the area median income. The portion of the surcharge retained by a county shall be allocated pursuant to eligible housing projects or units within such housing projects that serve extremely low and very low income households in the county and cities within the county, according to an interlocal agreement between the county and the cities within the county, consistent with countywide and local housing needs and I RAHP Interlocal Agreement 1 of 15 2012 -2014