Gov. Ferguson signs new law to expand Multifamily Housing Tax Exemption program

On April 25, Washington Governor Bob Ferguson enacted HB 1494, which expands the Multifamily Housing Tax Exemption (MFTE) program to enhance affordable housing opportunities. The law provides tax incentives for developers building multi-unit homes and aims to extend the program to additional cities and counties. Currently, over 50 jurisdictions, including Bellingham and Ferndale, participate in the MFTE program. Ferguson stated, "Housing is a key challenge we have," highlighting the urgency of addressing the state's housing crisis. Representative Alex Ramel, the bill's sponsor, emphasized that the law empowers local governments to meet the growing demand for affordable housing.

He remarked, "This bill is about delivering results for Washington families. " The legislation will take effect on July 26, marking a significant step toward alleviating housing shortages. By promoting equitable development benefits, this initiative seeks to ensure that all communities share in the advantages of new housing projects.