The bill modifies the covenant homeownership program in Washington State by adjusting the area median income threshold for eligibility, introducing provisions for loan forgiveness, and altering the membership of the oversight committee. Specifically, the income threshold for program applicants is increased from 100% to 140% of the area median income, and the bill allows for loans to be fully forgiven after five years of repayment. Additionally, the oversight committee will now include a representative from a nonprofit organization that provides housing counseling, replacing the previous requirement for a community-based organization specializing in affordable housing development.

The oversight committee is tasked with overseeing the commission's activities related to the program, including the creation and administration of special purpose credit programs aimed at reducing racial disparities in homeownership. The committee will consist of various members, including individuals who meet the eligibility criteria for the special purpose credit program, representatives from relevant organizations, and legislative members. The bill also mandates that the commission submit annual reports on the program's progress, detailing eligibility requirements, assistance provided, and outreach efforts.

Statutes affected:
Original Bill: 43.181.040, 43.181.050