OLYMPIA – Yesterday, the Washington House of Representatives passed House Bill 2098 by Rep. Sharon Shewmake (D-Bellingham) to ensure that all families have access to a critical home loan repair program that can keep their homes safe and habitable. The bill caps interest rates at 1.5% percent for the low-income home rehabilitation program, thus ensuring these loans are affordable to low-income Washington residents.
“Everyone deserves a safe home, but high interest rates are preventing people from being able to use assistance that should be available to them,” said Shewmake. “This critical program provides working families in rural areas with the funds to help pay for emergency storm repairs, asbestos removal, or even building a wheelchair ramp. This is one piece of housing affordability and frankly, the American Dream.”
The low-income home rehabilitation program currently provides low-interest loans to rural families at or below 200 percent of the federal poverty level who need to make critical repairs to their homes. Senior citizens, people with disabilities, veterans and families with young kids receive priority in this program.
HB 2098 passed the House 95-1 and now moves onto the Senate for further consideration.