Proposed Legislation Could Lure New Home Building
WASHINGTON, DC — This week, Representatives Derek Kilmer and Denny Heck, both Democrats and co-chairs of the Puget Sound Recovery Caucus, announced the introduction of H.R. 7041, the Preventing Pollution through Partnership Act (or P3).
If it passes, it could end up making a difference in the housing crisis here in Port Angeles.
Current regulations make building in the city limits more expensive than in the county because of restrictive stormwater run-off permits, which is one of the reasons cited for a lack of new housing. But as Representative Kilmer explains, his new legislation would incentivise building by offering developers inexpensive loans if their plans include green infrastructure projects like permeable pavement, green roofs and rain gardens that mimic nature and slow down the flow of stormwater before it reaches our waters.
Kilmer’s and Heck’s legislation would create a new category of tax-exempt Private Activity Bonds (PABs), which state and local governments can use to finance projects completed by private entities that serve a public benefit.
Currently developers can use PABs to finance new hospitals, airports or affordable housing units at rates lower than typically offered by banks or through other forms of financing. The P3 Act would allow governments to use PABs to finance private-sector development projects that build green infrastructure.
By: Pepper Fisher
Source: My Clallam County