Incentivizes residential development on underutilized commercial properties in Washington.
The bill incentivizes residential development on underutilized commercial properties in Washington by offering tax exemptions for multifamily housing projects. It targets properties in urban centers or urban growth areas, aiming to increase housing supply and affordability. Projects must meet affordability requirements, ensuring at least 20% of units are for low-income households. The bill also mandates scoring criteria for project prioritization, considering factors like leveraging of funds and public benefits.
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