SB 5482 attempts to address the increased number of homeless individuals living on the street as the supply of affordable housing has decreased. This bill would provide an additional funding stream to be utilized for the preservation of affordable housing projects and the creation of new affordable homes. The bill would impose an excise tax upon each sale of real property at the rate of one and twenty-eight one-hundredths percent of the selling price, an amount equal to two percent of the proceeds of this tax must be deposited in the Washington housing trust fund. This fund would provide an additional source of revenue to be used for the preservation and creation of affordable housing. This bill would take effect July 1, 2019.
Referred to Ways & Means