S-1556.2  _______________________________________________

                         SENATE BILL 6103

          _______________________________________________

State of Washington      57th Legislature     2001 Regular Session

By Senators Prentice, Kline, Kohl‑Welles, Regala, Fairley and Spanel

Read first time 02/21/2001.  Referred to Committee on Ways & Means.

Establishing a funding source for local and state-administered low-income housing projects.

    AN ACT Relating to establishing a funding source for local and state-administered low-income housing projects; and adding a new section to chapter 82.45 RCW.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION. Sec. 1.  A new section is added to chapter 82.45 RCW to read as follows:

    (1) For each real property that sells for five hundred thousand dollars or more per housing unit or seven hundred thousand dollars or more per housing unit and accessory dwelling unit, an excise tax is imposed upon each such sale of real property at the rate of one percent of the selling price.  An amount equal to eighty-five percent of the proceeds of this excise tax shall remain with the county in which the real property is located.  An amount equal to fifteen percent of the proceeds of this excise tax shall be deposited in the Washington housing trust fund created in RCW 43.185.030.

    (2) The county must use the moneys received under this section for the purposes allowed in RCW 43.185.050(2) and may grant the moneys received under this section to any organization eligible under RCW 43.185.060.  Organizations receiving moneys under this subsection shall use the moneys for the purposes allowed in RCW 43.185.050(2).

    (3) A county may enter into an interlocal agreement under chapter 39.34 RCW with a public agency, as defined by RCW 39.34.020, for the public agency to receive and expend or grant the money the county would otherwise expend under this section.

    (4) A county may elect to have the moneys they would otherwise receive under this section deposited in the Washington housing trust fund created in RCW 43.185.030.

    (5) For the purposes of this section, "housing unit" means a building or portion of a building designed for or used as the residence or living quarters of one or more persons living together, or of one family.

    (6) For the purposes of this section, "accessory dwelling unit" means a housing unit within or attached to a housing unit and that is subordinate in size, location, and function to the other housing unit.

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