This bill aims to address the affordable housing crisis in Washington by facilitating the development of affordable housing on underutilized community and technical college lands. It recognizes the challenges faced by moderate, lower, and fixed-income households, including public employees and frontline workers, in securing stable housing near their workplaces. The legislation allows the college board to enter into long-term leases for at least 50 years for affordable housing projects, with provisions to ensure that the land remains dedicated to this purpose. It also includes measures to allow colleges to share resources with these housing projects and to enforce compliance with affordable housing covenants.

Additionally, the bill amends existing laws to exempt leasehold interests in community and technical college land from certain taxes when used for affordable housing, provided that the lessee commits to renting or selling all units as affordable for low- and moderate-income households. The legislation also establishes a performance statement to evaluate the effectiveness of these tax preferences in increasing the number of affordable housing units on college lands. Overall, the bill seeks to enhance housing stability for essential workers and students, thereby supporting the broader community and local economies.

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