Gov. Gregoire signs major housing legislation

For Immediate Release: March 21, 2008

Gov. Gregoire signs major housing legislation

SEATTLE � Gov. Chris Gregoire signed legislation today that will help Washingtonians find more affordable housing and offer protections against foreclosures.

�Every Washington family should have a decent place to call home,� Gregoire said. �I also believe that Washington families should be able to live close to good jobs and schools, in safe neighborhoods and safe structures.�

In response to a souring housing market last fall, Gregoire formed the Task Force for Homeowner Security to evaluate instability in the national subprime market. She earlier signed one measure growing out of the group�s work � providing information and counseling to help Washingtonians as they purchase or try to hold on to a home.

Today she signed other measures that stem from the task force�s recommendations. One increases the Washington State Housing Finance Commission�s debt limit, set in law, from $4.5 billion to $5 billion. This change will allow the commission to issue additional bonds to fund its low-income, single family, first-time homebuyer programs and its low-income, multi-family housing development programs.

�We want to help our people who need affordable housing by funding successful programs that leverage private dollars to help homeless families transition to permanent stable housing,� Gregoire said.

A second measure strengthens consumer protection, prohibits certain lending practices and requires clear, concise disclosure of a loan�s terms. The bill has teeth: It makes mortgage fraud a felony.


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