(1) Using moneys specifically appropriated for such purpose, the department shall finance in whole or in part projects that will provide housing for low-income households.

     (2) Activities eligible for assistance include, but are not limited to:

     (a) New construction, rehabilitation, or acquisition of housing for low-income households;

     (b) Rent subsidies in new construction or rehabilitated multifamily units;

     (c) Down payment or closing costs assistance for first-time home buyers;

     (d) Mortgage subsidies for new construction or rehabilitation of eligible multifamily units; and

     (e) Mortgage insurance guarantee or payments for eligible projects.

     (3) Legislative appropriations from capital bond proceeds may be used only for the costs of projects authorized under subsection (2) (a), (c), (d), and (e) of this section, and not for the administrative costs of the department.

     (4) Moneys from repayment of loans from appropriations from capital bond proceeds may be used for all activities necessary for the proper functioning of the affordable housing program except for activities authorized under subsection (2)(b) of this section.

     (5) Administrative costs of the department shall not exceed ((four)) five percent of the annual funds available for the affordable housing program.

[2005 c 219 § 3; 1994 c 160 § 3; 1991 c 356 § 12.]

(1) Using moneys specifically appropriated for such purpose, the department shall finance in whole or in part projects that will provide housing for low-income households.

     (2) Activities eligible for assistance include, but are not limited to:

     (a) New construction, rehabilitation, or acquisition of housing for low-income households;

     (b) Rent subsidies in new construction or rehabilitated multifamily units;

     (c) Down payment or closing costs assistance for first-time home buyers;

     (d) Mortgage subsidies for new construction or rehabilitation of eligible multifamily units; and

     (e) Mortgage insurance guarantee or payments for eligible projects.

     (3) Legislative appropriations from capital bond proceeds may be used only for the costs of projects authorized under subsection (2) (a), (c), (d), and (e) of this section, and not for the administrative costs of the department.

     (4) Moneys from repayment of loans from appropriations from capital bond proceeds may be used for all activities necessary for the proper functioning of the affordable housing program except for activities authorized under subsection (2)(b) of this section.

     (5) Administrative costs of the department shall not exceed four percent of the annual funds available for the affordable housing program, except in fiscal year 2005 when administrative costs shall not exceed five percent.

[2005 c 518 § 1803; 1994 c 160 § 3; 1991 c 356 § 12.]

NOTES:

     Reviser's note: RCW 43.185A.030 was amended twice during the 2005 legislative session, each without reference to the other. For rule of construction concerning sections amended more than once during the same legislative session, see RCW 1.12.025.

     Severability -- Effective date--2005 c 518: See notes following RCW 28A.500.030.