The Internal Revenue Code of 1986 (the "Code"), as amended, provides for the allocation by states of low-income housing tax credits for the purpose of facilitating the development of rental housing for low-income individuals and families. The Code and regulations interpreting the Code require that a state agency allocating low-income housing tax credits on behalf of a state be specifically authorized by gubernatorial act or state statute to make housing credit allocations and to carry out the related provisions of Section 42(h) of the Code. The Washington State Housing Finance Commission, in accordance with and pursuant to RCW 43.180 et. seq., and Executive Orders 87-10, 90-01, and 90-07, has made allocations of the low-income housing tax credit and use of the provisions of the Code for the benefit of the citizens of the State of Washington. Executive Orders 87-10, 90-01, and 90-07 authorized the Washington State Housing Finance Commission to make the allocation of low-income housing tax credits for calendar years 1987, 1988, 1989, 1990, and 1991.
NOW THEREFORE, I, Booth Gardner, Governor of the State of Washington, by virtue of the power vested in me, do hereby order that:
1. The Washington State Housing Finance Commission (the "Commission") is hereby specifically authorized to make all low-income housing tax credit allocations under Section 42 of the Code of behalf of the State of Washington and to carry out the provisions of Section 42(h) of the Code for low-income credits made available by the federal government for calendar years 1991, 1992, 1993, and 1994.
2. The Commission shall be authorized to allocate all of the State of Washington's low-incoming housing tax credit ceiling under Section 42 of the Code, subject to the following limitations and conditions:
a. The Commission shall allocate low-income housing tax credits subject to its general policies and Tax Credit Allocation Plan governing allocation of the low-income housing tax credit, and assure consistency with the State of Washington's Comprehensive Housing Affordability Strategy (CHAS) beginning in 1992.
b. The Commission shall allocate low-income housing tax credits in accordance with the provisions of the Omnibus Budget Reconciliation Act of 1990, and the National Affordable Housing Act of 1990.
c. The Commission shall coordinate the Tax Credit Allocation plan development process with the State Department of Community Development and the State's Comprehensive Housing Affordability Strategy required under Section 1 05 of the National Affordable Housing Act of 1 990.
d. The Commission shall report to the Governor and the Legislature on or before February 15, 1992, 1993, 1994, and 1995 an the use of low-income housing tax credits and include the following information as it relates to the availability and use of such tax credits in the State of Washington: low-income housing tax credits used; the general geographic pattern of use; the use of sub-allocations; the percentage of dollar value of credit allocated to specific users; the use by type of financing; and the relationship between the use of low-income housing tax credits and state low-income housing needs and priorities.
4. This Executive Order supersedes Executive Order 90-07, dated December 24, 1990, designating the Commission to administer the low-income housing tax credits under the federal law.
have hereunto set
my hand and caused the seal of the State of
Washington to be affixed at Olympia this
3rd day of October A.D., Nineteen hundred and ninety one.
Secretary of State