In the 2021-23 Operating Budget, the Legislature tasked the Department of Commerce with convening a diverse homeownership-focused work group to “assess perspectives on housing and lending laws, policies, and practices; facilitate discussion among interested parties; and develop budgetary, administrative policy, and legislative recommendations.” 

The department is required to submit a report to the Governor and the Legislature by August 1, 2022, that will:

• Evaluate the distribution of state affordable housing funds and its impact on the creation of homeownership units serving Black, indigenous, and people of color;
• Evaluate the eligibility requirements, access, and use of state-funded down payment assistance funds, and their impact on homeownership rate disparities;
• Review barriers preventing Black, indigenous, and people of color from accessing credit and loans through traditional banks for residential loans; and
• Provide budgetary, administrative policy, and legislative recommendations to increase ownership unit development and access to credit.  (ESSB 5092, Sec 129 (100), Laws of 2021)