The proposed bill establishes a "Homes for Heroes" program aimed at addressing the workforce and housing crises in Washington state, particularly for vital occupations such as firefighters, nurses, police officers, and mental health professionals. The legislation recognizes the challenges these professionals face in securing affordable housing, which has been exacerbated by rising home prices. To encourage homeownership among these targeted occupations, the bill mandates the creation of a pilot program that provides down payment and closing cost assistance to eligible individuals, with loans capped at either five percent of the first mortgage or $25,000, whichever is less, and offered at no interest.

The bill outlines specific eligibility criteria for participants, including a household income below 100 percent of the state median and employment in designated occupations or as a servicemember or veteran. The total funding for the pilot program is limited to $15 million, with a deadline for new loans set for June 30, 2027. Additionally, the housing finance commission is tasked with evaluating the program's effectiveness and reporting its findings to the legislature by December 2026 and December 2027. The act is officially titled the "Homes for Heroes Act."