One of our readers, after driving past an intersection near a group of newly built homes in Maple Valley, e-mailed that “there is a new banner that says Huge Price Increase. I don’t know if they meant to order a sign that said Huge Price Decrease or if they are truly announcing a huge increase in a time when the real estate market is flatter than a crepe. We burst out laughing when we drove by.”

Unfortunately, levity is rare these days in the housing market – and not just because of uncertainty surrounding the selling and buying of homes. There especially is little to laugh about for low-income families and individuals who are just trying to keep or find an affordable roof to put over their heads.

“The increasing cost of land, construction and complex regulations have made housing affordability a top issue in this county,” said Metropolitan King Councilman Reagan Dunn, whose district includes Covington, Maple Valley and Black Diamond – plus an area near Renton where Wonderland Estates Mobile Home Park is an example of efforts to help low-income residents countywide.

The County Council recently extended credit to projects that preserve living-wage and low-income housing throughout the county. The council said that doubling the county’s Credit Enhancement Program from $100 million to $200 million over the next five years, and at no cost to taxpayers, provides immediate backing for the purchase and preservation of Wonderland Estates and other types of housing, including apartments.

Adopted by the county in 1997, the program helps develop affordable housing through contingent loan agreements that reduce the costs of financing.The project developers or owners agree to provide long-term affordable units within the projects.

The loan agreement reduces the interest rates for bond-financed projects. The interest savings are then reinvested in the project to provide below-market housing units, which are rented or sold to qualifying low or moderate-income households.

Let’s see: Help ensure that families have a home they can afford. Encourage developers by helping them save money on the deals. And no increase in the tax burden. It’s not knee-slapping funny, but it’s worth a smile.

Editor Pat Jenkins can be reached at (425) 432-1209 and pjenkins@reporternewspapers.com