H-2557.1H-2033.1 SUBSTITUTE HOUSE BILL 1908 State of Washington 67th Legislature 2022 Regular Session By House Housing, Human Services & Veterans (originally sponsored by Representatives Steele, Santos, Eslick, Graham, and Macri)Macri READRead FIRSTfirst TIMEtime 02/03/22.01/11/22.

Referred to Committee on Housing, Human Services & Veterans.

1 SHBHB 1908 (a) A ((covenant or other requirement that the property shall be used for the designated public benefit purpose)) legally binding, recorded document in effect that permanently restricts the occupancy of the unit to a qualified moderate-income, low-income, or very low- income household.

2 SHBHB 1908 by the federal government for the purposes of common schools or education, or subject to a legal restriction that would be violated by compliance with this section.

(a) "Public benefit" means affordable rental housing and permanently affordable homeownership for moderate-income, low-income, and very low-income households as defined in RCW ((43.63A.510)) 36.70A.030, and related facilities that support the goals of affordable housing development in providing economic and social stability for low-income persons.persons;

Monthly housing costs may not exceed:

(i) For rental housing, 30 percent of the household's monthly income for rent and utilities, other than telephone;

or (ii) For permanently affordable owner-occupied housing, 38 percent of the household's monthly income for mortgage principal, interest, property taxes, homeowner's insurance, homeowner's association fees, and land lease fees, as applicable.

In addition, total household debt is no more than 45 percent of the monthly household income;

3 SHBHB 1908