Form revised November 15, 2007

FISCAL NOTE FOR NON-CAPITAL PROJECTS

Department:	Contact Person/Phone:	DOF Analyst/Phone:
Office of Housing	Joanne LaTuchie / 615-0995	Katie Wise / 733-9580

Legislation Title:

AN ORDINANCE relating to affordable housing; authorizing the Office of Housing Director to enter into and administer a renewed and updated Interlocal Cooperation Agreement with King County for the Regional Affordable Housing Program using revenues from the surcharge on document recording fees authorized by State law; and ratifying and confirming prior acts.

· Summary of the Legislation:

This Council Bill would authorize the Director of the Office of Housing to enter into a renewed and updated Regional Affordable Housing Program (RAHP) Interlocal Cooperation Agreement (“Agreement”) with King County. The Agreement will enable Seattle nonprofits to continue receiving their share of recording fee surcharge revenues dedicated to affordable housing development.

· Background: (Include brief description of the purpose and context of legislation and include record of previous legislation and funding history, if applicable):

The WA State Legislature passed Substitute House Bill (SHB) 2060 in 2002, now codified as RCW 36.22.178, authorizing the County Assessor to collect a $10.00 (ten dollar) surcharge on recording of real property documents for the purpose of providing funds to housing programs for extremely low-income and very low-income persons.  The County and City are required to enter into an Interlocal Agreement specifying how the funds generated by SHB 2060 are to be allocated.  The proposed legislation enables the City of Seattle’s continued participation in King County’s Regional Affordable Housing Program (RAHP). There are two attachments to the Council Bill: (1) King County Regional Affordable Housing Program Interlocal Cooperation Agreement, and (2) King County Regional Affordable Housing Program Administrative Guidelines for 2007-2011, both of which were originally adopted by the King County Council and subsequently approved by the Seattle City Council in 2003. 

· Please check one of the following:

_X__ This legislation does not have any financial implications. (Stop here and delete the remainder of this document prior to saving and printing.)

_  __ This legislation has financial implications. (Please complete all relevant sections that follow.)