On May 7, WAS LEG enacted bill re affordable homeownership units.
WAS LEG enacted HB 1516 on affordable housing insurance coverage options; study.
Document dated May 7, 2025, was received on May 16, 2025, due to a fixed feed.
Bill Provisions
Conduct study on how new permanent affordable units may use different insurance coverage options to reduce the costs of condominium construction defect liability.
Conducted in consultation with identified nonprofit organizations, government entities.
Collect, use relevant findings from past insurance market studies after Dec. 31, 2017 that may assist the insurance commissioner in conducting analysis, recommendations.
Submit on findings to the appropriate committees of the legislature by Dec. 31, 2026.
Permanently affordable homeownership means a housing unit sponsored by nonprofit organization or governmental entity and subject to a ground lease or deed restriction.
Legislative History
On Jan. 22, 2025, bill introduced in House; on Mar. 11, 2025, bill was passed in House.
On Mar. 13, 2025, bill introduced in Senate; on Apr. 16, 2025, bill was passed Senate.
On Apr. 22, 2025, bill sent to governor; on May 7, 2025, bill signed, became Ch. 202.
