The bill establishes a new chapter in Title 43 RCW to create the Affordable Homeownership Revolving Loan Fund Program, aimed at financing the construction of affordable homeownership for low-income households. The program will be administered by the Washington State Housing Finance Commission in collaboration with the Department of Commerce. It defines key terms such as "eligible organizations," "low-income household," and "permanently affordable homeownership," which includes specific requirements for nonprofit developers to ensure long-term affordability and support for homeowners.

Under the program, loans will be provided to eligible organizations based on established criteria, including readiness for construction and cost efficiency. The loans can cover up to 50% of total project costs, with interest rates set between 1% and 2.5%. The bill mandates that any housing financed must remain affordable for at least 99 years, and it includes provisions for monitoring compliance and reporting. Additionally, it specifies that no general funds from the commission will be used to implement the program, ensuring that it operates within its designated financial framework.