The bill aims to promote affordable housing in unincorporated areas within urban growth areas of large counties in Washington State. It amends existing laws, specifically RCW 84.14.040 and 84.14.060, to establish criteria for designating residential targeted areas. Key changes include the requirement that areas must be located in counties with populations greater than 275,000 and must be within 0.25 miles of bus corridors with frequent service. Additionally, counties must evaluate the risk of displacement for current residents before designating an area, ensuring that any identified risks are mitigated through locally adopted measures.

The bill also introduces new standards for applications seeking tax incentives, mandating that at least 20% of multifamily housing units be designated as affordable for low and moderate-income households. It allows governing authorities to impose stricter income eligibility and rent limits than the minimum requirements. Furthermore, it specifies that applicants must adhere to prevailing wage laws and other labor standards. The bill clarifies that certain existing regulations do not apply to this act, streamlining the process for promoting affordable housing in targeted areas.

Statutes affected:
Original Bill: 84.14.040, 84.14.020