2SHB 1474 — Creating the covenant homeownership account and program to address the history of housing discrimination due to racially restrictive real estate covenants in Washington state.

What this bill does

Creates the Covenant Homeownership Account and a document recording assessment of $100 to fund the Covenant Homeownership Program (CHP). Requires the Department of Commerce to contract with the Washington State Housing Finance Commission (Commission) to create one or more special purpose credit programs to provide down payment and closing cost assistance to one or more economically disadvantaged classes of persons identified in a CHP study. Requires the Commission to complete an initial CHP study by December 31, 2023, and updated studies every five years after the initial study is completed. Creates an oversight committee to oversee and review the Commission's activities and performance related to the CHP.

From the Washington State Legislature's nonpartisan staff bill analysis. Read the full analysis ↗

Floor votes

• House — 3rd Reading & Final Passage · March 2, 2023
  53 yea · 43 nay · 2 not voting
• House — Final Passage as Amended by the Senate · April 17, 2023
  52 yea · 44 nay · 2 not voting
• Senate — 3rd Reading & Final Passage as Amended by the Senate · April 7, 2023
  30 yea · 19 nay

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