KGMI News
OLYMPIA, Wash. – The State Supreme Court’s ruling limiting rural Whatcom County wells has impacted property loans.
Washington Federal will no longer lend on Washington properties with wells drilled after October 6th 2016.
The bank said the Hirst Decision created too much uncertainty with water rights.
Art Castle with the Building Industry Association of Washington told KOMO he isn’t surprised. “The lenders aren’t going to lend to that uncertainty,” Castle said. “Do you think a lending institution, a community bank or a mortgage company is going to give a loan where in two years it will be decided whether the house will be occupy-able or not?”
The state legislature has not agreed on a fix for the ruling.
The partisan wrangling over Hirst has also obstructed the $4 billion state construction budget.