Both the House and Senate have scheduled hearings for Governor Inslee’s proposal to send a $4 billion bond referendum to voters to fund and build affordable housing and provide associated services.

HB 1149 and SB 5202 are relatively short companion bills with a huge impact. As the AWC Housing Solutions Group highlighted, the state needs billions of additional investments in affordable housing if we are to meet the need that has been identified. This proposal makes a very significant starting investment in that effort.

If passed by the Legislature and approved by a public vote at the next general election, the proposal would authorize the issuance of $4 billion in bonds over six years, the proceeds of which are to be appropriated by the Legislature. You can review the AWC matrix of the Governor’s budget proposal to see the proposed spending with these resources (See Washington’s Housing Crisis Response Act Bonds starting at the bottom of pg. 12).

HB 1149 also creates the Workforce Housing Accelerator Revolving Loan Program to finance low-income housing. The referendum provision only applies to the bonding portion of the bill; so, if HB 1149 is passed by the Legislature, this portion of the bill would go into effect without a public vote.

AWC strongly supports this proposal and encourages individual cities to indicate their support to their legislators.

Dates to remember

HB 1149 will be heard on Thursday, January 12 at 1:30 pm in the House Capital Budget Committee.