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A. The city may use the moneys collected by the tax imposed under LMC 3.90.010 or bonds issued only for the following purposes:

1. Acquiring, rehabilitating, or constructing affordable housing, which may include new units of affordable housing within an existing structure or facilities providing supportive housing services under RCW 71.24.385; and

2. Providing the operations and maintenance costs of new units of affordable or supportive housing; and

3. Providing rental assistance to tenants.

B. The housing and services provided under this section may only be provided to persons whose income is at or below sixty percent of the median income of the city.

C. The finance director must report annually to the Washington State Department of Commerce, in accordance with the Department’s rules, on the collection and use of the revenue from the tax imposed under LMC 3.90.010.

D. Any unexpected funds remaining in the affordable housing sales tax fund at the end of a budget period shall not be transferred to the general fund or otherwise lapse, but funds shall be carried forward from year to year until expended for a purpose set forth in subsection A of this section.

E. The tax imposed by the city under LMC 3.90.010 will expire twenty years after the date on which the tax is first imposed. (Ord. 1561 §1 (part), 2019).