Bill > HB1494

This bill modifies existing Washington state law regarding property tax exemptions for new and rehabilitated multiple-unit housing in urban centers. The bill updates definitions and provisions related to affordable housing, clarifying terms like "low-income household," "moderate-income household," and "urban center." Key changes include expanding the types of cities that can designate residential targeted areas, modifying income thresholds for affordable housing units, and adding new requirements for cities and counties when designating these areas. The bill provides tax exemption periods ranging from 8 to 20 years for qualifying housing developments, with different requirements based on the percentage of affordable units and the specific location of the project. It also introduces new provisions for tenant relocation assistance, strengthens reporting and compliance requirements, and establishes penalties for property owners who fail to meet the affordable housing commitments. The bill aims to incentivize the development of affordable housing in urban areas while providing more flexibility and oversight in the implementation of property tax exemption programs. The legislation will expire on January 1, 2032, with no new exemptions to be granted after that date.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=1494&Year=2025&Initiative=false