This bill aims to address the housing affordability crisis in Washington by facilitating the development of affordable housing on underutilized community and technical college lands. It introduces provisions that allow the college board to enter into long-term leases (up to 99 years) for affordable housing projects, enabling partnerships with nonprofit developers and public housing authorities. The bill mandates that any land leased for affordable housing must include restrictive covenants to prevent conversion to market-rate housing and outlines conditions for reclaiming land if projects do not commence within four years. Additionally, it allows for shared use of infrastructure between colleges and housing projects, and establishes a right of first refusal for colleges on any land transactions.

Furthermore, the bill amends existing laws to exempt leasehold interests in underutilized college land from taxes when used for affordable housing, provided that all units are committed to low- and moderate-income households. It also includes a performance statement to evaluate the effectiveness of these tax preferences in increasing the number of affordable housing units on college lands. The legislation reflects a comprehensive approach to enhancing housing stability for essential workers and students, thereby supporting the overall vitality of communities and public institutions in Washington.

Statutes affected:
Original Bill: 28B.50.090, 43.17.400