Washington HB1696 modifies the covenant homeownership program to reduce racial disparities in homeownership.

HB1696 modifies the covenant homeownership program by adjusting income thresholds for eligibility and creating special purpose credit programs to provide down payment and closing cost assistance. The Department of Commerce contracts with the Housing Finance Commission to design and implement these programs. The commission considers evidence-based documentation and program studies to tailor the programs. The oversight committee, consisting of various representatives, reviews the commission's activities and performance.

Washington HB1696 modifies the covenant homeownership program to reduce racial disparities in homeownership.

HB1696 modifies the covenant homeownership program by adjusting income thresholds for eligibility and creating special purpose credit programs to provide down payment and closing cost assistance. The Department of Commerce contracts with the Housing Finance Commission to design and implement these programs. The commission considers evidence-based documentation and program studies to tailor the programs. The oversight committee, consisting of various representatives, reviews the commission's activities and performance.