HomeMy WebLinkAboutCAP 2016-07-25 Item 2A - Briefing - WA State Housing Finance CommissionCity of Tukwila
Allan Ekberg, Mayor
INFORMATIONAL MEMORANDUM
TO: Community Affairs and Parks Committee
FROM: Laurel Humphrey, Council Analyst
CC: Mayor Ekberg
DATE: July 20, 2016
SUBJECT: Washington State Housing Finance Commission Overview
ISSUE
Overview of the Washington State Housing Finance Commission's programs.
DISCUSSION
In 2015, the City Council adopted the Housing Element of the Comprehensive Plan, which
provides policy direction for housing efforts and includes policies regarding affordability. The
2017 -2018 Budget Priorities, adopted by Council on April 25, 2016, includes "Encourage
Healthy, Safe and Affordable Housing," in alignment with Strategic Plan Goal 2, "A Solid
Foundation for all Tukwila Residents."
This year, the Community Affairs and Parks Committee has been exploring implementation of
this policy direction. The Committee has invited Rich Zwicker, Senior Policy Analyst with the
Washington State Housing Finance Commission, to provide the Committee with an overview of
the organization and its programs.
The Washington State Housing Finance Commission is "a publicly accountable, self - supporting
team, dedicated to increasing housing access and affordability and to expanding the availability
of quality community services for the people of Washington."
Following the presentation, Committee members and staff will have an opportunity for Q &A and
discussion on possibilities in Tukwila. The Committee may wish to provide input and direction
on a presentation to be given to the full Council.
ATTACHMENT
Overview of the Housing Finance Commission (excerpt from 2016 -2017 Housing Finance Plan)
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HOUSING FINANCE
COMMISSION
Opeolog doors to o better 11Je
OVERVIEW OF THE
HOUSING FINANCE COMMISSION
THE WASHINGTON STATE HOUSING FINANCE COMMISSION IS A SELF -
SUPPORTING AGENCY THAT ACHIEVES ITS SOCIAL AND ECONOMIC
OBJECTIVES AT NO COST TO THE TAXPAYERS OF OUR STATE .2
The Commission was created in 1983 to act as a financial conduit which, without lending the
credit of the state, can issue non- recourse revenue bonds; participate in federal, state, or local
housing programs; make additional funds available at affordable rates to help provide housing
throughout the state; and encourage the use of Washington forest products in residential
construction.
The Commission is authorized to provide construction and permanent financing for low- and
moderate - income housing, nonprofit facilities, capital equipment, beginning farmers and
ranchers, energy efficiency and energy production within the state.
The Commission has 11 voting members. Two commissioners, the State Treasurer and the
Director of the Department of Commerce, serve ex officio and eight commissioners are
appointed by the Governor to four year terms. The Chair of the Commission is appointed by
and serves at the pleasure of the Governor. The Commissioners represent various geographic,
business, and public interests.
In 1987, the Commission was designated as the state's allocating agency for the federal Low -
Income Housing Tax Credit program. In 1990, the Commission's authority was expanded by
the Legislature to finance nursing homes, as well as capital facilities and equipment owned by
nonprofit 501(c)(3) organizations. In 2005, the Legislature gave the Commission the authority
to issue bonds for beginning farmers and ranchers. Finally, in 2009, the Legislature
empowered the Commission to create a Sustainable Energy Trust, if feasible, and to
participate in energy efficiency and renewable energy projects for housing and non - housing
facilities.
The Department of Commerce and the Department of Financial Institutions (DFI) have
contracted with the Commission to administer programs such as the Land Acquisition
Program, the Rapid Response Program, the Equity Fund, the Washington Works program,
and housing counseling, which are financed in whole or in part with state funds. These
programs may or may not continue to be administered by the Commission in the future.
The Commission's enabling legislation requires a State Housing Finance Plan to be updated
from time to time and requires the Commission to report to the Legislature at least every two
years on the implementation of the plan. The plan outlines the policies of the Commission and
provides a brief overview of the housing finance and other programs the Commission intends
to offer during the plan period. The Commission reports to the Legislature on the financing
completed in compliance with the Plan through its annual report. The plan will remain in
effect until it is replaced or revised by a subsequent plan that is adopted by the Commission.
Z The Commission receives no direct state appropriations. It does, however, administer contracts for other state agencies
using state funds when the Commission's involvement can add value or is required by law.
2016 -- -2017 WS €-IFC I lot ,SIN(, FINANCE PLAN
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