The bill establishes a new chapter in Title 43 RCW to create the Workforce Housing Accelerator Program, which aims to provide loans to eligible organizations for the development of affordable housing targeted at low-income households. The program will be administered by the Washington State Housing Finance Commission in collaboration with the Department of Commerce. Eligible organizations include nonprofit and for-profit developers, public housing authorities, and other applicants as defined by the commission. The bill outlines specific criteria for loan eligibility, including readiness to proceed with construction, commitment of private capital, cost efficiency, and the applicant's qualifications.

Under the program, loans can be awarded up to $20 million or 20% of total project costs, with a structured interest rate between 1% and 2.5% for the first 20 years. The housing developed must serve low-income households for a minimum of 99 years, and the commission is tasked with ensuring geographic distribution of funding across the state. The bill also mandates that loan recipients adhere to specific compliance and reporting requirements, and it prohibits the use of commission general funds for the program's implementation.