The Washington Housing Crisis Response Act aims to address the severe housing shortage and homelessness in Washington state through significant capital investments. The act authorizes the state finance committee to issue up to $4 billion in general obligation bonds specifically for funding programs and projects that tackle housing insecurity. It establishes the Washington housing crisis response account and the Washington housing crisis response taxable account to manage the proceeds from these bonds. The act also creates a workforce housing accelerator revolving loan fund program to provide loans to eligible organizations for developing affordable housing for low-income households, with specific criteria for loan prioritization and management.

Additionally, the act includes provisions for a public referendum, requiring sections related to bond issuance to be submitted to voters for approval at the next general election. If ratified, the generated revenues will be allocated as outlined in the act. The legislation emphasizes the need for a comprehensive approach to housing, recognizing the intersection of housing instability with behavioral health needs, and aims to construct a million new housing units by 2040 to meet the growing demand.