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Legislation watch
2022 Senate Bill 5758: Concerning condominium conversions
Introduced by Sen. Chris Gildon (Puyallup) (R) on January 10, 2022
Referred to the Senate Housing & Local Government Committee on January 10, 2022
Substitute offered in the Senate on January 27, 2022
Requires the Housing Finance Commission to implement a condominium conversion tenant-to-homeowner program focused on opportunities for first-time homeownership and designed to assist tenants in multifamily buildings that are being converted to condominium ownership.
Amendment offered in the Senate on February 15, 2022
(1) Clarifies the purpose of and programs available under the condominium conversion tenant-to-homeowner program.
(2) Authorizes the housing finance commission to establish certain program requirements and thresholds consistent with current commission programs.
(3) Requires condominium and building conversion declarants to provide a 120-day notice to the housing finance commission.
(4) Requires the 120-day condominium conversion notice to tenants and subtenants to include information about the condominium conversion tenant-to-homeowner program.
The amendment passed by voice vote in the Senate on February 15, 2022
Referred to the Senate Rules Committee on January 28, 2022
Received in the House on February 17, 2022
Referred to the House Housing, Human Services & Veterans Committee on February 17, 2022
Signed by Gov. Jay Inslee on March 24, 2022