OLYMPIA – A bill to expand property tax exemption for nonprofits providing affordable rental housing passed the Washington House of Representatives. Sponsored by Chipalo Street, D-Seattle, House Bill 2012 addresses housing affordability challenges and highlighting the significance of allowing cities and counties to utilize designated funds for affordable housing initiatives.
House Bill 2012 enhances the existing property tax exemption for nonprofit organizations that play a pivotal role in providing affordable housing options. By expanding the qualifying funding sources for the nonprofit housing property tax exemption, the bill streamlines and improves access to essential resources for organizations dedicated to addressing the ongoing affordable housing crisis.
“We need to be in the business of reducing barriers that are blocking the construction of affordable housing,” said Street. “By enabling local governments to allocate resources for housing projects, this is a simple, common-sense step that removes an arbitrary hurdle slowing the production of affordable housing.”
HB2012 expands the eligibility criteria for a property tax exemption for nonprofits providing affordable rental housing built using only city and county funds, supporting the vital work of nonprofit providers while ensuring minimal impact on other taxpayers.
House Bill 2012 is now with the Senate for further consideration. This year’s legislative session ends on March 7.