{"data":{"id":"us-wa/rcw-35.108.040","jurisdiction":"us-wa","citation":"RCW 35.108.040","heading":"Real property acquisition and disposition.","body":"(1) A land bank authority may acquire, hold, manage, improve, lease, transfer, or dispose of real property to be used as affordable housing. Real property held in the inventory of a land bank must be legally owned by the land bank authority. A land bank authority may also enter into contracts necessary to prepare property for productive use, including clearing title, addressing outstanding liens or taxes, and undertaking predevelopment activities. However, an entity that is exempt from taxation under 26 U.S.C. Sec. 501(c)(3) of the internal revenue code of 1986, as amended, and operating a land bank authority may not build or construct housing.\n(2) Land acquisitions and dispositions must:\n(a) Be consistent with any existing local, regional, or state housing plans and chapter 43.185B RCW, including the antidisplacement policies in the comprehensive plans of the county or city where the land is located; and\n(b) Demonstrate alignment with adopted local housing targets under chapter 36.70A RCW.\n(3) A land bank authority may lease or sell land to a housing developer at less than market rate in exchange for compliance with affordability requirements. Such transfers are not required to be made to the highest bidder.\n(4) At least 50 percent of the land or property leased or sold by a land bank authority must include a covenant or deed restriction that the housing units developed or operated must maintain affordability requirements for at least 30 years as follows:\n(a) Rental housing units must be affordable to households with an income at or below 80 percent of the area median income; and\n(b) Owner-occupied housing units must be affordable to households with an income at or below 120 percent of the area median income.","path":["Title 35","Chapter 35.108"],"source_url":"https://app.leg.wa.gov/rcw/default.aspx?cite=35.108.040","current_through":"July 15, 2026","vintage":"","retrieved_at":"2026-09-06T02:15:08Z","sha256":"746ba37606f0702d69e83b604f7bc3a4ed7d8fcceae61d81ab8b01532804e382","source_id":"us-wa","stale":false,"prev":"us-wa/rcw-35.108.030","next":"us-wa/rcw-35.108.050"},"notice":"GroundRules: Original legal text. Not legal advice."}