A new bill includes permanent affordable housing as an eligible project for CRF, LIFT, and LRF financing.
HB 2497, sponsored by Timm Ormsby (D–Spokane), permits jurisdictions to use funds from Community Revitalization Financing (CRF), Local Infrastructure Financing Tool (LIFT), and Local Revitalization Financing (LRF) for permanent affordable housing, including:
- Purchasing property or an existing residence;
- Rehabilitating distressed properties;
- Retrofitting properties to be more energy efficient; and
- Constructing new residences.
AWC supports this bill as it provides cities with new tools for needed affordable housing within communities.
Dates to remember
HB 2497 is scheduled for public hearing and a committee vote in the House Finance Committee at 1:30 pm on Friday, February 7.