Bill > SB5604

This bill promotes transit-oriented development by creating a new property tax exemption program for multifamily housing projects located within half a mile of major transit stations or stops. Specifically, the bill allows property owners to receive a 20-year property tax exemption for new housing construction, conversion, or rehabilitation projects that meet certain affordability requirements. To qualify, projects must provide at least 20% of units as affordable housing for low-income households (defined as households earning 50-80% of the area median income) for at least 50 years. Local jurisdictions with major transit stations or stops are required to adopt regulations to implement the exemption, which applies to the full station area. The bill defines key terms like "major transit station" and "major transit stop" and requires local governments to designate station areas. Additionally, the bill includes provisions for administrative oversight, including annual reporting requirements and potential penalties for non-compliance. The tax exemption program is set to expire on January 1, 2032, and is part of a broader effort to increase affordable housing opportunities near public transit infrastructure.

Housing and Urban Affairs

https://app.leg.wa.gov/billsummary?BillNumber=5604&Year=2025&Initiative=false