City of Tacoma announcement.
“The Covenant Homeownership Account (CHA) bill is a critical step forward in our efforts to upend the deeply rooted historical injustices our communities of color have faced in homeownership and protect them from further harm. Generations of discriminatory real estate policies and practices have had lasting negative effects on households of color and historically marginalized communities.
“This program is an important step towards increasing equity in homeownership which can promote wealth building and greater security for people of color. It will undoubtedly change the lives of countless Washingtonians, helping first-time homebuyers achieve the dream of homeownership by saving for down payments, closing costs, and other expenses associated with purchasing a home. I look forward to seeing the positive impact it will have on our local community and offer my congratulations to all of our future homeowners.
“I am grateful to the many legislators, advocates, and other proponents who joined me in support of the bill throughout the legislative process, including the House bill sponsor Rep. Jamila Taylor, the Senate bill sponsor Sen. John Lovick, and Rep. Frank Chopp. With the help of the Covenant Homeownership Account, we will create stronger, more vibrant, and inclusive communities where everyone has the opportunity to thrive.”
