Bill > HB2673

This bill establishes tax exemptions for property owned or operated by a social housing agency that is used as affordable housing, with a "social housing agency" defined as a public entity established to provide housing for low-income or moderate-income households. Specifically, it amends existing laws to allow property owned or used by these agencies for rental housing to be exempt from property taxes if at least 50% of the units are occupied by qualifying households (those earning at or below 80% of the median income) and the housing was financed or assisted through specific federal, state, or local affordable housing programs. The bill also allows for partial exemptions if less than 50% of units are occupied by qualifying households, and it clarifies that certain existing exemptions for property transfers to qualifying entities now explicitly include social housing agencies, requiring them to record covenants to ensure the property remains low-income housing for at least 15 years. Additionally, the bill introduces a new section that provides property tax exemptions for social housing agencies that meet specific criteria for providing rental housing to qualifying households, with provisions for partial exemptions and temporary exemptions for unoccupied properties undergoing renovation. The bill also makes changes to existing tax exemption requirements for various organizations, explicitly including social housing agencies, and sets specific expiration and effective dates for certain provisions.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=2673&Year=2025&Initiative=false