Bill > HB2527

This bill aims to increase opportunities for tenants to eventually own their homes through programs funded by the federal low-income housing tax credit, which is a government incentive to encourage the development of affordable housing. Specifically, it requires private developers participating in these programs to establish reserve or escrow accounts, clearly inform residents about their ownership rights and responsibilities, and ensure that homes are transferred to tenants in a timely manner as agreed upon or as required by law. The bill also mandates that a commission, likely a state housing finance agency, promptly investigate any complaints or findings of violations related to these requirements, with a six-month deadline for action. If a developer is found to have violated these provisions, the commission can withhold future tax credits for one to five years, and for willful violations, the developer could be barred from commission-funded programs for two to five years, with an appeal process available. Furthermore, the commission will annually monitor and publicly report on the progress of these tenant ownership programs and inform tenants of their rights to comment on program progress and file complaints.

Housing and Urban Affairs

https://app.leg.wa.gov/billsummary?BillNumber=2527&Year=2025&Initiative=false