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 Ameri...