Washington · statute · Wash. Rev. Code ch. 35.108 · 6 active provisions
(1) The legislature finds that solving the state's housing crisis requires a multipronged approach. Finding, acquiring, and holding land in the predevelopment phase is a time-consuming opportunity cost for all developers and is particularly acute for developers of affordable housing. The legislature also finds that the…
The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.(1) "Land bank" means the inventory of real property acquired, held, leased, or transferred by a land bank authority for purposes consistent with this chapter.(2) "Land bank authority" means an entity authorized…
(1) A city or county legislative authority may authorize the establishment of a land bank by a public corporation established under RCW 35.21.730, a public housing authority established under chapter 35.82 RCW, or an entity exempt from federal income taxation under 26 U.S.C. Sec. 501(c)(3) of the internal revenue code…
(1) A land bank authority may acquire, hold, manage, improve, lease, transfer, or dispose of real property to be used as affordable housing. Real property held in the inventory of a land bank must be legally owned by the land bank authority. A land bank authority may also enter into contracts necessary to prepare prope…
(1) Each land bank authority must prepare an annual report. The annual report must include:(a) Real property parcels acquired, held, and transferred during the year;(b) The manner of disposition and alignment with local housing and land use plans;(c) How each action advanced a community benefit;(d) The purchase price a…
(1) All real and personal property owned by a nonprofit entity operating a land bank authority under RCW 35.108.030 is exempt from property taxation.(2) To qualify for this exemption, the nonprofit entity must be exempt from taxation under 26 U.S.C. Sec. 501(c)(3) of the internal revenue code of 1986, as amended.