OLYMPIA – Self-help homeownership developers have more tools available to help families realize the dream of affordable homeownership, thanks to policy proposed by Rep. Mari Leavitt, D-University Place. In a 98-0 vote on Wednesday, the House approved SB 5025, the companion legislation to Leavitt’s bill.
Self-help homeownership facilitators are organizations that help working families purchase their own home, and use unique financing plans to keep mortgage payments below 35% of a family’s income. The new law provides a sales and use tax exemption to self-help homeownership developers for materials and third-party labor, easing the cost to those organizations.
“Non-profits all across the state are helping working families realize their dream of homeownership. With so many struggling with the high cost of owning a home, this is a great tool to help lessen that burden. I am thankful the Legislature approved this policy and look forward to the governor signing it into law so more working families can own their own home,” said Leavitt, prime sponsor of the House version of this bill, HB 1168.
