Establishes land banking authorities in Washington to increase affordable housing and address racial equity.

The bill establishes land banking authorities in Washington to increase residential capacity and affordable housing, particularly in urban areas. It allows counties to authorize entities as land banks, which must prioritize affordable housing, expedite permit issuance, and remove barriers to supportive housing. Land banks can acquire, hold, improve, fund, lease, sell, and engage in predevelopment contracting for land. They must perform annual reviews of properties, prioritize community needs, and ensure housing affordability.

Establishes land banking authorities in Washington to increase affordable housing and address racial equity.

The bill establishes land banking authorities in Washington to increase residential capacity and affordable housing, particularly in urban areas. It allows counties to authorize entities as land banks, which must prioritize affordable housing, expedite permit issuance, and remove barriers to supportive housing. Land banks can acquire, hold, improve, fund, lease, sell, and engage in predevelopment contracting for land. They must perform annual reviews of properties, prioritize community needs, and ensure housing affordability.