Affordable housing fund poised for big cash infusion

Washington state lawmakers are making significant strides in finalizing their capital budget, focusing on the critical issue of affordable housing. The Senate has proposed a budget of $600 million for the Housing Trust Fund, while the House has earmarked $598 million, both representing substantial increases from the previous biennium's $527 million allocation. This funding is more than Governor Jay Inslee's recommendation of $536 million, reflecting a bipartisan commitment to addressing housing shortages. Advocates in the housing sector, such as Michele Thomas of the Washington Low Income Housing Alliance, have praised these investments, emphasizing their transformative potential for low-income residents. Lawmakers are addressing a projected one million-home shortfall over two decades, with half of those homes needing to be affordable for low-income households.

The Senate's plan includes $65 million for utility connections to affordable housing, while the House allocates $100 million for various housing initiatives. With rising construction costs and declining housing permits, the urgency of these proposals grows. Overall, these funding initiatives symbolize a critical step towards resolving Washington's deepening affordable housing crisis.