Washington State House Advances Bill to Enhance Homeownership Opportunities

The Washington State House of Representatives has approved House Bill 1696, aiming to broaden homeownership opportunities for residents, particularly those historically affected by housing discrimination. ​NonStop Local Tri-Cities/Yakima

Key Provisions of HB 1696:

  • Expansion of the Covenant Homeownership Program: Established in 2023, this program offers down payment and closing cost assistance to first-time homebuyers. The recent bill proposes to increase the Area Median Income (AMI) eligibility threshold from 100% to 120%, allowing more individuals to qualify. ​

  • Loan Forgiveness: The bill introduces loan forgiveness for qualifying participants after five years, reducing the financial burden on new homeowners. ​

Impact of the Covenant Homeownership Program:

Since its inception, the program has facilitated the purchase of 247 homes across 20 counties, with an additional 54 loans pending. This initiative addresses historical barriers to homeownership faced by Black Americans and people of color, promoting generational wealth and stronger communities. ​AxiosNonStop Local Tri-Cities/Yakima

Next Steps:

For HB 1696 to become law, it must pass the Washington State Senate and receive the governor's signature. If enacted, the bill will provide more residents with the opportunity to achieve homeownership, fostering economic stability and community growth.​

Conclusion:

The passage of HB 1696 by the Washington State House represents a significant step toward equitable homeownership. By expanding eligibility and offering loan forgiveness, the state aims to rectify past injustices and empower more residents to invest in their futures through homeownership.​

For more information on HB 1696 and the Covenant Homeownership Program, visit the Washington State Legislature's official website.

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