The bill aims to expand eligibility for the multifamily tax exemption program to all counties that are required or choose to plan under RCW 36.70A.040. It amends existing definitions in RCW 84.14.010, particularly changing the definition of "County" to include those that are required or choose to plan according to the specified RCW, removing the previous requirement of having an unincorporated population of at least 170,000. The bill also clarifies the criteria for designating a "residential targeted area," ensuring that such areas lack sufficient affordable housing and that additional housing opportunities will assist in achieving the chapter's goals.

Furthermore, the bill introduces new requirements for counties designating residential targeted areas, including an evaluation of the risk of potential displacement of current residents due to tax incentives. It mandates that if the risk of displacement is found to be minimal, or if mitigation measures are adopted, the area may be designated. The governing authority is also empowered to implement more stringent income eligibility and rent limits for affordable units, as well as conditions related to construction wages and apprenticeship utilization. Additionally, property owners in unincorporated areas must commit to making at least twenty percent of their multifamily housing units affordable to low and moderate-income households.

Statutes affected:
Original Bill: 84.14.010, 84.14.040