In Washington, where the housing market remains hot, affordable housing is a constant topic of conversation. A new bill squeaked out just before the end of the 2019 legislative sessions that will help increase affordable housing opportunities.
Senate Bill 5025/1168 will allow for “significant cost savings” on each home built and sold by a nonprofit facilitator for low-income clients by allowing for an exemption on real estate excise tax.
The cost of residential construction is only getting more expensive, and Sen. Mona Das (D-Kent), who sponsored the bill, noted this legislative bill will assist more than 30 nonprofit homeownership facilitators across the state.
“These organizations help Washingtonians end the cycle of generational poverty,” Das said in a written statement. “We have a growing homelessness crisis in our state. And while this bill won’t solve the problem, it will help the hard-working people own their own homes.”
CEO of Tacoma/Pierce County Habitat for Humanity Maureen Fife said, in response to the passing of the bill: “This is one of the most significant wins for affordable homeownership in the state of Washington in the last 20 years or more. We look forward to putting this legislation to work and making the dream of affordable homeownership a reality for more members of our community.”
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