WA HB1974

County legislative authorities may authorize public corporations, public housing authorities, or 501(c)(3) nonprofits to serve as land banks within urban growth areas, with regional land banks possible through interlocal agreements between contiguous counties

Land banks must plan for housing where at least 33% is affordable to extremely low-, very low-, and low-income households, no more than 33% is market rate, and the remainder serves moderate-income households, with 99-year affordability covenants required on all sales or leases

Counties and cities must give land banks priority access to surplus public land and tax-foreclosed properties, and land banks may sell or lease property below market rate to developers meeting affordability requirements without obligation to accept highest bids

The Housing Finance Commission will administer a competitive grant program for land bank planning, public improvements, and land acquisition, available to counties that levy local housing taxes, remove barriers to permanent supportive housing, and expedite permits for affordable housing

Nonprofit land banks receive property tax exemptions, and a nine-member advisory board with expertise in housing, finance, design, and community representation must oversee each land bank's operations