The bill amends existing Washington state laws regarding document recording fees and assessments related to the covenant homeownership program. Starting January 1, 2024, the county auditor will be required to collect a $100 assessment for each document recorded, which is in addition to any other charges allowed by law. Notably, the bill eliminates the previous exemptions for assignments or substitutions of previously recorded deeds of trust from both the document recording fee and the covenant homeownership program assessment. Other exemptions remain in place for documents such as birth, marriage, divorce, or death records, and various other recorded documents that are exempt under state law.

Additionally, the bill modifies the surcharge structure for document recording, which is set at $183 per instrument, also with the removal of the exemption for assignments or substitutions of previously recorded deeds of trust. The funds collected from these fees and surcharges will be allocated to various programs aimed at addressing homelessness and affordable housing, including the home security fund account and the affordable housing for all account. The bill emphasizes the importance of using these funds to support extremely low-income households and to enhance local homeless housing plans, ensuring that a significant portion of the collected funds is directed towards activities that directly contribute to housing stability and support for vulnerable populations.

Statutes affected:
Original Bill: 36.22.185, 36.22.250
Bill as Passed Legislature: 36.22.185, 36.22.250
Session Law: 36.22.185, 36.22.250