The proposed bill establishes a "Homes for Heroes" program aimed at addressing the housing crisis faced by essential workers in Washington State, including firefighters, nurses, police officers, and mental health professionals. The legislation recognizes the significant barriers to homeownership due to rising median home prices and aims to provide targeted down payment and closing cost assistance to individuals in these vital occupations. The program will be implemented through a pilot initiative managed by the housing finance commission, which will offer interest-free loans to eligible workers, capped at 5% of the first mortgage or $25,000, whichever is less.

To qualify for assistance, applicants must have a household income below 100% of the state median and be employed full-time in one of the specified occupations or be 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. The housing finance commission is also required to report on the program's outcomes to the legislature by December 2026 and December 2027. The act is officially titled the "Homes for Heroes Act."