The bill establishes land banking authorities in Washington State to address the housing crisis by facilitating the acquisition and management of land for affordable housing development. It allows city or county legislative authorities to authorize the creation of land banks by public corporations, housing authorities, or nonprofit entities. The land banks are tasked with acquiring, holding, and preparing properties for affordable housing while prioritizing equity and preventing displacement. The bill outlines governance structures, mandates annual reporting on land bank activities, and emphasizes alignment with local housing plans.

Additionally, the bill amends existing laws to provide tax exemptions for properties owned by land banks and allows for the transfer of tax-foreclosed properties to these authorities. It includes provisions for the governance of land banks, ensuring that their operations reflect community needs and contribute to the development of affordable housing. The legislation aims to reduce the costs associated with land development by exempting land banks from property taxes, thereby encouraging the use of land for affordable housing projects.

Statutes affected:
Original Bill: 39.33.015, 36.35.150, 35.21.755
Substitute bill: 36.35.150, 35.21.755, 82.45.010
Second substitute: 36.35.150, 35.21.755, 70A.305.020, 82.45.010
Engrossed second substitute: 36.35.150, 35.21.755, 70A.305.020
Bill as passed Legislature: 36.35.150, 35.21.755, 70A.305.020
Session law: 36.35.150, 35.21.755, 70A.305.020