WA HB1808

Creates the Affordable Homeownership Revolving Loan Fund Program within the Department of Commerce to provide loans to nonprofit developers building permanently affordable homes for households earning up to 80% of area median income

Loans capped at 50% of total project costs with interest rates between 1% and 2.5%, repayable after all homes in a financed project are sold; repaid funds must be reloaned to new qualifying projects

Housing must remain affordable for at least 99 years through ground leases or deed restrictions that include resale restrictions, sponsor right of first refusal, and refinancing approval requirements

Loan recipients must begin construction within 180 days, follow evergreen sustainable development standards, and file annual compliance reports

Department may use up to 3% of biennial appropriations for administrative costs; no general fund expenditures permitted for program implementation