HB2614 Summary

• Amends the Home Equity Assurance Act to allow governing commissions with at least $4,000,000 in guarantee funds to establish a Low Interest Home Improvement Loan Program through referendum or two-thirds commission vote, with loans capped to prevent the guarantee fund from falling below $3,000,000.

• Authorizes a Foreclosure Prevention Loan Fund (with voter approval) providing low-interest emergency loans to prevent foreclosure, with cumulative loans not exceeding $3,000,000 and loans secured as second liens on property.

• Creates a Delinquent Tax Repayment Loan Fund exclusively for the Northwest Home Equity Assurance Program, allowing low-interest loans to assist with delinquent property taxes up to $3,000,000 in total, with required housing counseling prior to application where practicable.

• Establishes loan requirements including below-market interest rates, eligible applicant restrictions, collateral or lien security, and one-time application fees to cover administrative costs.

• Prohibits commissioners and their family members from receiving any direct or indirect financial benefit from guarantee funds while permitting standard expense reimbursements and employee salaries.