Bill > SB6214

This bill establishes land banking authorities to address the state's housing crisis by allowing cities and counties to authorize public corporations, housing authorities, or nonprofit organizations to acquire, hold, manage, and transfer property specifically for affordable housing and public benefit uses. These authorities are intended to operate regionally, prioritize equity and displacement prevention, and coordinate with developers to create mixed-income developments. The bill also includes provisions for tax exemptions for property owned by these land banks, particularly those operated by nonprofit organizations, and modifies existing laws related to the disposal of tax-foreclosed property to prioritize transfers to land bank authorities. Furthermore, it exempts certain transfers of property to and from land bank authorities from the real estate excise tax, with specific conditions and reporting requirements, and includes a performance statement to evaluate the effectiveness of these tax preferences in reducing land costs for housing development.

Budget and Finance, Housing and Urban Affairs

https://app.leg.wa.gov/billsummary?BillNumber=6214&Year=2025&Initiative=false