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a. Acquiring, rehabilitating, or constructing affordable housing, which may include new <br />units of affordable housing within an existing structure or facilities providing <br />supportive housing services under RCW 71.24.385; and/or <br />b. Funding the operations and maintenance costs of new units of affordable or <br />supportive housing. <br />5. Selection of Funding Awards involving Pooled Funds. SKHHP intends to periodically invite <br />applications for funding for projects and/or programs eligible for funding under the SKHHP <br />Interlocal Agreement. For each round of funding applications for which SKHHP intends to <br />use funds pooled under this Agreement, the following shall apply: <br />a. The SKHHP Executive Board will identify funding guidelines that will include, but not <br />be limited to: the amount of available funding, household income targets, funding <br />priorities, eligible activities and geographic areas, regulatory terms, other award <br />terms/reporting requirements, application contents, review process, evaluation <br />criteria, and the schedule for funding allocation. <br />b. The SKHHP Advisory Board, to be established by the SKHHP Executive Board as <br />outlined in the SKHHP Interlocal Agreement, will provide recommendations to the <br />SKHHP Executive Board on the strategic funding priorities and the allocation of tax <br />receipts collected through this Agreement. These recommendations will consider <br />south King County housing needs, other funding sources that support affordable <br />housing and supportive housing, local housing needs, and equitable geographic <br />distribution of funds. <br />c. The SKHHP Executive Board shall consider the recommendations of the SKHHP <br />Advisory Board to decide both the recommended funding awards for selected <br />projects and/or programs and the specific funding from each participating Party <br />consistent with the SKHHP Executive Board Powers. <br />d. Funding will be limited to projects or programs that are within the SKHHP sphere of <br />influence as identified in the SKHHP Interlocal Agreement and meet the eligibility <br />criteria of RCW 82.14.540. <br />6. Expenditure of Pooled Funds; Legislative Authority of Each Party. <br />a. As provided in the SKHHP Interlocal Agreement, the SKHHP Executive Board will <br />recommend to the individual legislative bodies various terms to accompany their <br />authorizations. Terms shall be consistent with RCW 82.14.540 and may include but <br />will not be limited to: the amount of funds allocated, project description, minimum <br />affordability requirements, nature of funding commitment (loan, grant, or other), <br />and general repayment terms for loans, if applicable. <br />SKHHP SHB 1406 Interlocal Agreement — February 4, 2021 Page 3 of 6 <br />