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 offers loans covering up to 50% of total project costs, with interest rates ranging from 1% to 2.5%. The housing financed through this program must remain affordable for at least 99 years. Additionally, the bill creates the Affordable Homeownership Revolving Loan Fund account in the state treasury, which will be funded through legislative appropriations, loan repayments, and other sources, ensuring that the funds are exclusively used for the program's purposes.

Moreover, the bill modifies the management of the treasury income account, specifying that it is subject to chapter 43.88 RCW, while allowing payments to financial institutions without requiring an appropriation. The state treasurer will distribute earnings from the treasury income account monthly, crediting the general fund with the majority of these earnings and ensuring that various accounts, including the newly inserted affordable homeownership revolving loan fund account, receive their proportionate share based on their average daily balance. The bill also introduces new sections that create a new chapter in Title 43 RCW, with specific provisions set to expire on July 1, 2028, and others taking effect on the same date, enhancing the clarity and efficiency of treasury account management.