The bill aims to expand eligibility for the multifamily tax exemption program to all counties that are required or choose to plan under RCW 36.70A.040. It amends existing definitions in RCW 84.14.010, particularly changing the definition of "County" to include those that are required or choose to plan under the specified RCW, removing the previous requirement of having an unincorporated population of at least 170,000. Additionally, the bill modifies the criteria for designating a "residential targeted area" in RCW 84.14.040, eliminating previous stipulations regarding rural counties and the presence of higher education institutions, while introducing a requirement for counties to evaluate the risk of potential displacement of current residents when designating such areas.

Furthermore, the bill establishes that for any multiunit housing in unincorporated areas, property owners must commit to making at least 20% of the units affordable to low and moderate-income households. It allows governing authorities to implement more stringent income eligibility and rent limits, as well as additional requirements for tax exemptions, including wage and apprenticeship standards for construction workers. Overall, the bill seeks to enhance affordable housing opportunities across a broader range of counties while ensuring protections against displacement and promoting community development.

Statutes affected:
Original Bill: 84.14.010, 84.14.040