This bill amends RCW 84.36.560 to provide a property tax exemption for qualified real and personal property owned or used by nonprofit entities that offer rental housing or mobile home lots for qualifying households. The exemption applies if at least seventy-five percent of the occupied units are occupied by qualifying households and if the property is financed or assisted through specific sources, including a new addition of an affordable housing excise tax authorized under RCW 82.46.075. The bill also outlines conditions for partial exemptions if the occupancy rate falls below seventy-five percent and establishes criteria for maintaining the exemption even if a household's income rises above the qualifying threshold, as long as it remains below eighty percent of the median income.

Additionally, the bill introduces a new section stating that the provisions of RCW 82.32.805 and 82.32.808 do not apply to this act, which may indicate a specific exemption from certain regulatory requirements. Overall, the legislation aims to enhance support for nonprofit housing initiatives by providing tax relief, thereby encouraging the development and maintenance of affordable housing options for low-income households.

Statutes affected:
Original Bill: 84.36.560