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 seeks to provide targeted down payment and closing cost assistance to individuals in these vital occupations. The program will be implemented through a contract with the housing finance commission, which will design and evaluate a pilot program that offers interest-free loans for down payment assistance, capped at 5% of the first mortgage or $25,000, whichever is less.

To qualify for this assistance, individuals must have a household income below 100% of the state median and be employed in one of the specified essential roles 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 1, 2026, and again by December 1, 2027. The act is officially titled the "Homes for Heroes Act."