On Friday the State of Washington's House Local Government Committee considers SB 5741. This bill would create a housing gap voucher pilot program. Multifamily owners should consider this as a common sense housing crisis solution.
- The bill would is designed to provide support to low-income households and individuals who are struggling to afford their rent. This is an important program, as access to affordable housing is a critical issue for many people in the United States, particularly in areas with high costs of living.
- The program creates rental assistance vouchers through housing authorities.
- These vouchers are then made available to eligible residents, including seniors, low-income families, and members of marginalized communities living in manufactured housing or rental housing.
- The vouchers are targeted to households earning 80% of the area median income (AMI) or less, with the exact amount of the voucher adjusted based on family size and the area in which the household is located.
- The voucher is intended to bridge the gap between the household's income and their rent, but it may not cover the full cost of the monthly rent. However, this support can still be critical for households that are struggling to make ends meet. The voucher is good for up to 12 months and residents in need are able to reapply if necessary.
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