Bill > SB5496

This bill creates the covenant homeownership account and program to address the history of housing discrimination due to racially restrictive real estate covenants in Washington state. The key provisions include: - Imposing a $100 assessment on recorded documents to fund the covenant homeownership account, with some exemptions. - Defining key terms like "racially restrictive real estate covenant" and "special purpose credit program." - Creating the covenant homeownership account in the state treasury to fund the program. - Requiring the Washington State Housing Finance Commission to complete initial and periodic studies on past/ongoing discrimination and the impacts on homeownership, and to use the findings to design and evaluate special purpose credit programs that provide down payment and closing cost assistance. - Establishing a covenant homeownership program oversight committee to review the Commission's activities and performance. - Allowing the use of the account funds to contract with the Commission for the special purpose credit programs and related administrative costs. The goal of the program is to remedy past and ongoing housing discrimination and its impacts on access to credit and homeownership for Black, Indigenous, and people of color and other historically marginalized communities in Washington.

Budget and Finance, Housing and Urban Affairs

https://app.leg.wa.gov/billsummary?BillNumber=5496&Year=2023&Initiative=false