WA HB2590

Limited equity cooperatives are exempted from the Washington Uniform Common Interest Ownership Act (Chapter 64.90 RCW) unless they voluntarily elect to be subject to it through their declaration

Adds a statutory definition of "limited equity cooperative" to RCW 64.90.010: a cooperative where members can only sell ownership interests to median-income households and resale prices are capped at original purchase price plus permanent improvements, special assessments used for building improvements, and a documented rate of return

Updates property tax exemption provisions in RCW 84.36.675 to reference the new limited equity cooperative definition rather than containing a standalone definition

Property tax exemption for limited equity cooperatives providing low-income housing expires January 1, 2033

Amends three sections of Revised Code of Washington: 64.90.010 (definitions), 64.90.360 (chapter applicability), and 84.36.675 (property tax exemptions)