Committee hears supporters say land banks could speed affordable housing development
HB 1974 would permit public housing authorities, public corporations, and nonprofits to serve as land banks with tax exemptions and a 50% affordability requirement for dispositions over 30 years. Supporters, including Spokane Land Bank and developers, said the tool reduces acquisition costs and accelerates projects; fiscal note pending.
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House Bill 1974 proposes creating land banking authorities that public housing authorities, public corporations, or nonprofit organizations could operate to acquire, hold, improve and transfer land for redevelopment with an emphasis on affordable housing. The bill requires at least 50% of land sold or leased by a land bank to include affordability covenants lasting at least 30 years, grants property tax and leasehold excise tax exemptions for land owned by qualifying land banks, exempts certain transactions from real estate excise tax, and calls for a JLARC performance review while exempting new tax preferences from the 10‑year automatic expiration requirement.
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