It is declared to be the public policy of the state and a recognized governmental
function to assist in making affordable and decent housing available throughout the
state and by so doing to contribute to the general welfare. Decent housing for the people of our state is a most important public concern. Interest rates and construction costs have made it impossible for many Washington
citizens to purchase their own homes. Older people, disabled persons, and low and moderate-income families often cannot
afford to rent decent housing. There exists throughout the state a serious shortage of safe, sanitary and energy
efficient housing available at prices within the financial means of our citizens. General economic development within the state is also impeded by a lack of affordable
housing. The state's economy, which is dependent on the timber, wood products, and construction
industries, has been damaged by inadequate investment in housing construction and
rehabilitation. The result has been high unemployment and economic hardship affecting the prosperity
of all the people of the state, particularly those in the wood products industry.
It is the purpose of this chapter to establish a state housing finance commission
to act as a financial conduit which, without using public funds or lending the credit
of the state or local government, can issue nonrecourse revenue bonds and participate
in federal, state, and local housing programs and thereby make additional funds available
at affordable rates to help provide housing throughout the state. It is also a primary purpose of this chapter to encourage the use of Washington
state forest products in residential construction. This chapter is enacted to accomplish these and related purposes and shall be liberally
construed to carry out its purposes and objectives.
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