WA SB6028

Creates a revolving loan fund in the Department of Commerce, administered by the Washington State Housing Finance Commission, to finance mixed-income affordable homeownership developments

Loans capped at the lesser of $5,000,000 or 20% of total project costs, with below-market interest rates above 1% and repayment timelines generally not exceeding 36 months

Eligible recipients include nonprofit and for-profit developers, public housing authorities, and public development authorities for projects serving households earning less than 80% of area median income

Homeownership units must remain affordable for at least 99 years through recorded covenants or deed restrictions, with homebuyers referred to education seminars

Geographic distribution required with a $5,000,000 cap per county per funding round; developers failing to meet affordability commitments must repay loans plus up to 10% penalty