RCW 43.330.482
Low-income home rehabilitation revolving loan program.
(1) Subject to availability of amounts appropriated for this specific purpose, the low-income home rehabilitation revolving loan program is created within the department.
(2) The program must include the following elements:
(a) Eligible homeowners must be low-income and live in rural areas.
(b) Homeowners who are senior citizens, persons with disabilities, families with children five years old and younger, and veterans must receive priority for loans.
(c) The cost of the home rehabilitation must be the lesser of eighty percent of the assessed value of the property post rehabilitation or forty thousand dollars.
(d) The maximum amount that may be loaned under this program may not exceed the cost of the home rehabilitation as provided in (c) of this subsection, and must not result in total loans borrowed against the property equaling more than eighty percent of the assessed value.
(e) The interest rate of the loan must be equal to the previous calendar year's annual average consumer price index compiled by the bureau of labor statistics, United States department of labor.
(f) The department must allow participating homeowners to defer repayment of the loan principal and interest and any fees related to the administration or issuance of the loan. Any amounts deferred pursuant to this section become a lien in favor of the state. The lien is subordinate to liens for general taxes, amounts deferred under chapter 84.37 or 84.38 RCW, or special assessments as defined in RCW 84.38.020. The lien is also subordinate to the first deed of trust or the first mortgage on the real property but has priority over all other privileges, liens, monetary encumbrances, or other security interests affecting the real property, whenever incurred, filed, or recorded. The department must take such necessary action to file and perfect the state's lien. All amounts due under the loan become due and payable upon the sale of the home or upon change in ownership of the home.
(3) All moneys from repayments must be deposited into the low-income home rehabilitation revolving loan program account created in RCW 43.330.488.
(4) The department must adopt rules for implementation of this program.
[ 2017 c 285 § 2.]
Structure Revised Code of Washington
Title 43 - State Government—Executive
Chapter 43.330 - Department of Commerce.
43.330.007 - Management responsibility.
43.330.020 - Department created.
43.330.030 - Director—Appointment—Salary.
43.330.040 - Director powers and duties.
43.330.050 - Community and economic development responsibilities.
43.330.060 - Trade and business responsibilities.
43.330.065 - Identification of countries of strategic importance for international trade relations.
43.330.068 - International companies investing in Washington—Eligibility for excise tax incentives.
43.330.070 - Local development capacity—Training and technical assistance.
43.330.075 - Local government regulation and policy handouts—Technical assistance.
43.330.084 - Washington state quality award—Reimbursement of application fee.
43.330.086 - Contracts with associate development organizations—Schedule of awards.
43.330.094 - Tourism development and promotion account—Promotion of tourism industry.
43.330.100 - Local infrastructure and public facilities—Grants and loans.
43.330.110 - Housing—Energy assistance.
43.330.120 - Growth management.
43.330.125 - Assistance to counties and cities.
43.330.135 - Court-appointed special advocate programs—Funds—Eligibility.
43.330.150 - Fees—Conferences, workshops, training.
43.330.152 - Fees—Service and product delivery areas.
43.330.155 - Community and economic development fee account.
43.330.156 - Fees—Adoption by rule.
43.330.167 - Washington youth and families fund.
43.330.170 - Statewide housing market analysis.
43.330.181 - Office of apple health and homes—Responsibilities.
43.330.184 - Apple health and homes account.
43.330.187 - Rapid permanent supportive housing acquisition and development program.
43.330.190 - Reimbursement of extraordinary criminal justice costs.
43.330.270 - Innovation partnership zone program.
43.330.300 - Financial fraud and identity theft crimes investigation and prosecution program.
43.330.310 - Comprehensive green economy jobs growth initiative—Establishment.
43.330.330 - Funding energy efficiency improvements—Risk reduction mechanisms—Legislative intent.
43.330.340 - Appliance efficiency rebate program.
43.330.360 - Findings—Involvement of state bond authorities in financing energy efficiency projects.
43.330.365 - Electric vehicle incentive account.
43.330.370 - Evergreen jobs initiative.
43.330.409 - Broadband mapping, deployment, and adoption—Reports.
43.330.412 - Community technology opportunity program—Administration—Grant program.
43.330.421 - Advisory group on digital inclusion and technology planning.
43.330.425 - Advisory committee on permanent supportive housing.
43.330.430 - Developmental disabilities endowment—Definitions.
43.330.431 - Developmental disabilities endowment—Trust fund.
43.330.434 - Developmental disabilities endowment—Endowment principles.
43.330.435 - Developmental disabilities endowment—Development of operating plan—Elements.
43.330.436 - Developmental disabilities endowment—Program implementation and administration.
43.330.437 - Developmental disabilities endowment—Rules.
43.330.440 - Multijurisdictional regulatory streamlining projects—Establishment—Reports.
43.330.460 - Washington achieving a better life experience program—Definitions.
43.330.462 - Washington achieving a better life experience program account.
43.330.468 - Washington achieving a better life experience program—Governing board authority.
43.330.480 - Low-income home rehabilitation revolving loan program—Definitions.
43.330.482 - Low-income home rehabilitation revolving loan program.
43.330.488 - Low-income home rehabilitation revolving loan program—Account.
43.330.500 - Life sciences discovery fund.
43.330.502 - Life sciences discovery fund—Grants and contracts by department.
43.330.504 - Life sciences discovery fund—Department powers.
43.330.506 - Life sciences discovery fund—Limitation of liability.
43.330.510 - Keep Washington working statewide work group.
43.330.520 - Military installation incompatible development—Project list—Report.
43.330.530 - Broadband office—Definitions.
43.330.532 - Broadband office—Established—Purpose.
43.330.534 - Broadband office—Powers and duties.
43.330.536 - Broadband office—Goals.
43.330.538 - Broadband office—Reports.
43.330.539 - Broadband office—Digital equity plan.
43.330.5393 - Digital equity planning grant program.
43.330.5395 - Digital equity forum.
43.330.540 - Cannabis social equity technical assistance grant program.
43.330.542 - Environmental justice obligations of the department of commerce.
43.330.545 - Community engagement grants—Law enforcement.
43.330.550 - Employer-supported child care—Technical assistance.
43.330.560 - Office of renewable fuels—Definitions.
43.330.565 - Office of renewable fuels—Established.
43.330.570 - Office of renewable fuels—Duties.
43.330.575 - Renewable fuels accelerator account.
43.330.700 - Findings—Homeless youth.
43.330.702 - Homeless youth—Definitions.
43.330.705 - Homeless youth—Office of homeless youth prevention and protection programs.
43.330.706 - Homeless youth—Data and outcomes measures—Report.
43.330.715 - Homeless youth—Training program.
43.330.717 - Homeless youth—Review of state-funded programs.
43.330.723 - Youth and young adults exiting publicly funded system of care—Flexible funding.
43.330.725 - Youth and young adults exiting publicly funded system of care—System of care grants.
43.330.730 - Finding—2015 c 296.
43.330.735 - Washington small business retirement marketplace.
43.330.740 - Payment of marketplace expenses—Use of private and federal funding.
43.330.745 - Incentive payments.
43.330.750 - Rules—Rule development process.
43.330.760 - Intent—2021 c 64.
43.330.762 - Manufacturing—Goals and strategies—Reports—Manufacturing council.
43.330.765 - Manufacturing—Regional strategies—Grants.
43.330.767 - Manufacturing cluster acceleration account.
43.330.770 - Manufacturing—Workforce innovation sector lead—Reports.
43.330.772 - Subject to appropriation.
43.330.900 - References to director and department.
43.330.902 - Effective date—1993 c 280.
43.330.9021 - Effective date—1994 c 5.