WA HB1494

Modifies the multifamily property tax exemption program (MFTE) for new construction, conversion, and rehabilitation of multiple-unit housing in designated urban centers, with exemption periods of 8, 12, or 20 years depending on affordability commitments

Requires at least 20% of units be affordable to low-income (≤80% AMI) or moderate-income (80-115% AMI) households for 12-year exemptions; 20-year exemptions require 20% affordable to low-income households for 99 years with recorded deed restrictions

Expands county eligibility for residential targeted areas to include locations within 0.5 miles of transit corridors with bus service at least 10 times daily in each direction, removing the previous July 2024 sunset date

Prohibits new exemptions under this program beginning January 1, 2032, and exemption extensions after January 1, 2046

Requires the Department of Commerce to audit or review non-nonprofit properties at least once every five years to verify compliance with rent commitments and tenant income screening, with penalties for noncompliance