Requires the Washington state housing finance commission to create a strategic plan to increase the state homeownership rate to seventy-five percent by the year 2020. The commission shall ensure that the plan addresses increasing homeownership on a fair basis for all geographic areas of the state. The commission shall involve representatives from the affordable housing advisory board, the department of community, trade, and economic development, and other housing stakeholders, including nonprofit and for-profit housing developers and local governments. The commission shall present the state homeownership plan to the appropriate committees of the legislature by December 31, 2007.