SB 5304, sponsored by Sen. Mark Mullet (D–Issaquah), would authorize the state’s Housing Finance Commission (WSHFC) to develop and implement a program to provide financing for local infrastructure projects. Essentially, the model would allow the WSHFC to help facilitate small- and mid-sized jurisdictions to access the private bond market – using the resources of the WSHFC to minimize administrative and other costs for the borrower.

WSHFC has a long and successful history in housing financing. Applying those efforts to local infrastructure would be a helpful new tool. Our understanding has been that the WSHFC hopes to provide a competitive interest rate, which could be beneficial especially for cities who do not have debt ratings or are otherwise not frequently accessing the bond market on their own.

AWC supports this bill.

Dates to remember

SB 5304 will be heard Monday, February 4 at 1:30 pm in the Senate Housing Stability & Affordability Committee.