Bill > SB5755

This bill aims to incentivize residential development on underutilized commercial properties by creating a comprehensive framework for transforming commercial spaces into housing. The bill establishes a process where the Department of Commerce will solicit letters of interest from property owners of commercial sites with potential for residential redevelopment, with specific eligibility criteria such as being located in urban growth areas, capable of producing at least 250 new housing units, and not near industrial sites or environmentally sensitive zones. Properties will be scored based on public benefits, including affordability, employment opportunities, community partnerships, and infrastructure improvements. High-priority projects will receive significant advantages, such as expedited permit processing, technical assistance, potential density bonuses, reduced parking requirements, and a 20-year property tax exemption if they commit to keeping at least 20% of units affordable to low-income households for 50 years. The legislation recognizes Washington's housing shortage and aims to create over 1,000,000 new housing units by 2044 by providing flexible incentives for mixed-use, higher-density development near jobs, transit, and essential services. The bill includes provisions for ongoing monitoring and potential penalties for non-compliance, and is set to expire on June 30, 2027.

Housing and Urban Affairs

https://app.leg.wa.gov/billsummary?BillNumber=5755&Year=2025&Initiative=false