Bill > HB2308

This bill creates a new state and local sales and use tax deferral program for property owners who convert commercial buildings into affordable housing. The program is available for cities to adopt and requires that at least 20% of the residential units in a converted building be rented or sold as affordable housing to low-income households for at least 10 years. The bill defines key terms like "affordable housing" and "low-income household," and outlines the application process, eligibility requirements, and ongoing reporting obligations for property owners. The bill also includes a tax preference performance statement and creates a new chapter in the Revised Code of Washington for this program.

Budget and Finance, Housing and Urban Affairs

https://app.leg.wa.gov/billsummary?BillNumber=2308&Year=2023&Initiative=false