by
<a href="mailto:carls@awcnet.org">Carl Schroeder</a>, <a href="mailto:shannonm@awcnet.org">Shannon McClelland</a> | Feb 27, 2023
If you missed the Action Alert AWC sent out on Thursday afternoon, please act now to support a critical funding tool for affordable housing.
HB 1628 provides
two new real estate excise tax (REET) sources dedicated to affordable housing:
- Local – Creates a new .25% councilmanic local option REET (REET 3) that can be used to fund affordable rentals, affordable home ownership, and infrastructure to support housing. It also allows cities to convert local REET taxes
to “progressive tiers” mirroring the state.
- State – Creates a new state REET tier, increasing the current tax for the portions of property value exceeding $5 million from 3% to 4%. That provision is projected to raise $200 million per year for state housing programs.
To add your name and city to the letter of support, sign on to this form no later than Wednesday, March 1.
Curious how much REET 3 could raise for affordable housing in your city? Check out this list!