WA HB2673

Creates property tax exemptions for "social housing agencies" (public development authorities or quasi-public entities that finance housing for low-income or moderate-income households) when at least 50% of units serve households at or below 80% of median income, with partial exemptions available for properties below the 50% threshold

Exempts real estate excise tax on property transfers to social housing agencies that will be used for low-income housing, requiring a 15-year covenant restricting the property to low-income housing use (compared to 10 years for counties/municipalities)

Defines "qualifying households" as those earning at or below 80% of area median income, and "moderate-income households" as those earning at or below 120% of area median income, adjusted for household size

Requires rental housing to be financed through specific public sources including federal/state housing programs, affordable housing levies, document recording surcharges, or designated city/county affordable housing funds to qualify for property tax exemption

Adds social housing agencies to existing lists of qualifying grantees eligible for real estate excise tax exemptions when acquiring property for low-income housing purposes, alongside nonprofits, housing authorities, public corporations, and local governments