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Washington State continues to face an affordable housing crisis. Existing resources remain insufficient to meet the growing need of our state and our most vulnerable neighbors are disproportionately impacted. We must rise to the challenge to build and preserve affordable housing for all Washingtonians.
The Affordable Homes Act (HB 2027) would increase the Real Estate Transfer Tax (RETT) for mansions and dedicate revenues for affordable housing. Specifically, the bill would create modest surcharges on the sale of high-value single-unit residential properties that sell for $3 million or more.
Revenues from these surcharges would directly support the Developmental Disabilities Housing and Services Account for housing and support services for individuals with developmental disabilities, the Affordable Housing for All Account for operating, maintenance, and service costs of permanent supportive housing, the Housing Stability Account to support low-income households needing rental assistance and housing stability services, and the Washington Housing Trust Fund for farmworker housing.
We must meet our state's housing crisis head on. The Affordable Homes Act would make major progress towards meeting the housing needs of everyone in our community. Ask lawmakers to protect and expand affordable housing operating funding by supporting HB 2027!
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