WA HB1480

Removes the requirement that counties must already impose a tax under RCW 82.46.070 at maximum rate by January 1, 2003, thereby allowing all Washington counties to impose the 0.5% real estate excise tax for affordable housing

Tax proceeds must be used exclusively for affordable housing development, including acquisition, building, rehabilitation, maintenance, and operation for very low, low, and moderate-income persons and those with special needs

Requires voter approval by majority vote for a specified period and maximum rate before any county can impose the tax; can be initiated by county legislative resolution or petition signed by 10% of voters from the preceding general election

Revenues go into a county-administered affordable housing account, distributed through competitive grants and loans to nonprofit housing providers, county housing authorities, and public agency housing programs

County must prepare an expenditure plan at least 60 days before election (if initiated by resolution) or within 6 months after voter authorization (if initiated by petition), with required public hearing and consultation with city officials