The bill establishes the Affordable Homeownership Revolving Loan Fund Program within the Washington State Department of Commerce, designed to provide financial assistance to nonprofit organizations that create permanently affordable homeownership for low-income households. It introduces key definitions such as "eligible organizations," "low-income household," and "permanently affordable homeownership," which define the criteria for housing affordability over time. The program will be funded through appropriations, loan repayments, and other sources, with a dedicated account created in the state treasury to manage these funds. Loans will be awarded based on criteria like construction readiness and cost efficiency, with a maximum loan amount of 50% of total project costs and an interest rate between 1% and 2.5%. The bill mandates that financed housing must remain affordable for at least 99 years and includes provisions for long-term monitoring and compliance. Additionally, the bill amends existing laws regarding the treasury income account, specifying that it is subject to chapter 43.88 RCW, and clarifies that no appropriation is necessary for payments to financial institutions. It introduces the affordable homeownership revolving loan fund account as an account eligible for earnings distribution from the treasury income account. The bill also establishes new sections that create a new chapter in Title 43 RCW, setting expiration and effective dates for certain provisions, specifically stating that Section 5 of this act expires on July 1, 2028 and Section 6 takes effect on the same date. These changes aim to ensure fair distribution of earnings among various funds based on their average daily balances.