Laserfiche WebLink
I <br /> HOUSING EVERETT <br /> RECENT STATE LEGISLATION RELATED TO HOUSING <br /> The 2019 Washington State Legislature passed a number of bills intended to impact housing. These bills <br /> could influence how the City's Housing Strategy is structured and are summarized below. <br /> Housing Trust Fund The Housing Trust Fund provided$175,000,000 for affordable housing <br /> project. Of that,$118,000,000 is designated for specific projects and <br /> $57,000,000 will be offered in a competitive application process. <br /> HB1406 Sales Tax Credit from the In the 2019 legislative session,the state approved a local revenue sharing <br /> State for Affordable Housing program for local governments by providing up to a 0.0146 percent local sales <br /> and use tax credited against the state sales tax for housing investments, <br /> available in increments of 0.0073 percent, depending on the imposition of <br /> other local taxes and whether your county also takes advantage.The tax <br /> credit is in place for up to 20 years and can be used for acquiring, <br /> rehabilitating or constructing affordable housing;operations and <br /> maintenance of new affordable or supportive housing facilities; and,for <br /> smaller cities, rental assistance. The funding must be spent on projects that <br /> serve persons whose income is at or below sixty percent of the area median <br /> income. Cities can also issue bonds to finance the authorized projects. <br /> Expires 20 years after the jurisdiction first imposes the tax. <br /> HB1921 Tiered Real Estate Excise The extension was enacted and included in the final budget but all revenue <br /> Tax(REET) for Affordable Housing from this bill will go into the general fund. <br /> HB1923 Increasing Urban This bill enacts a number of important provisions that a jurisdiction may <br /> Residential Building Capacity choose including but not limited to: <br /> A Taking certain actions to increase residential building capacity and <br /> housing affordability(GMA Planning) <br /> A Adopting a housing action plan <br /> A Exempting SEPA appeals for certain non-project actions implementing <br /> residential capacity <br /> A Providing planning grants for residential building capacity actions <br /> A Exempting certain project SEPA appeals on the basis of transportation <br /> impacts meeting certain criteria <br /> A Directing Biennial housing supply report from Washington Center for <br /> Real Estate Research at the University of Washington <br /> EWASHINGTON VERETT Community, Planning, and Economic Development 121 P a g e <br /> 14 <br />