Condominium Conversions Study
The 2022 Legislature passed Chapter 165, Laws of 2022 (ESSB 5758), an act relating to condominium conversions and directing the Affordable Housing Advisory Board (AHAB) to “review the subject of condominium conversions and provide a report to the legislature on issues relating to both homeownership opportunities and impacts to tenants.”
AHAB is required to submit a report to the legislature by Dec. 1, 2022, that will include:
- An assessment of the current housing market and affordability of condominium conversions, especially for first-time homebuyers
- Statutory, regulatory, financial, or other barriers to condominium conversions as a viable source of housing supply for first-time home buyers;
- Impacts to tenants caused by the conversion of multifamily buildings to condominium ownership, and the adequacy of programs and resources for tenant rental relocation and other assistance
- Programs in other states using condominium ownership as a first-time homeownership opportunity, including those focused on employer-specific programs for certain public service occupations in high-cost areas
- Specific areas in counties subject to the buildable lands reviews and evaluation program where condominium conversion could provide first-time home buyer opportunities close to light rail, express bus service, or other forms of mass transit
- Condominium association concerns, including board accountability, fee collection, effective communication, representation regarding covenants, lien and foreclosure fairness, and insurance claim impartiality
Project Committee Members
The department selected a diverse group of people representing the many perspectives and backgrounds of the condominium and multifamily housing community.
View the project committee roster.
The department selected a consultant team to help coordinate the work group efforts and draft the report. ECONorthwest, in collaboration with BDS Planning & Urban Design, will lead this important work, which will include gathering data, conducting analysis, organizing and facilitating the workgroup discussions, and ultimately producing a report that will be submitted to the legislature.