Bill > HB1974

This bill establishes land banking authorities to help address the state's housing crisis by allowing cities and counties to authorize public corporations, housing authorities, or certain non-profit organizations to create and operate "land banks," which are entities that acquire, hold, manage, and transfer property specifically for affordable housing and public benefit uses. These land banks will be able to acquire property, prepare it for development, and sell or lease it to developers, sometimes at below market value, in exchange for commitments to maintain affordability for at least 30 years, with rental units affordable to households earning up to 80% of the area median income and owner-occupied units affordable to households earning up to 120% of the area median income. The bill also emphasizes that land banking activities should prioritize equity, prevent displacement, and address historical racial segregation and disparities, and requires land bank authorities to submit annual reports detailing their activities and progress towards these goals. Furthermore, it amends existing laws to facilitate the transfer of tax-foreclosed properties to land bank authorities and clarifies tax exemptions for property owned by these authorities, aiming to reduce the cost of land for affordable housing development.

Budget and Finance, Housing and Urban Affairs

https://app.leg.wa.gov/billsummary?BillNumber=1974&Year=2025&Initiative=false