OLYMPIA, WA (MyBellinghamNow.com) – A new state law will aim to increase affordable housing opportunities for families in Washington.

Gov. Bob Ferguson signed HB 1494 into law on Friday, April 25 which expands the state’s Multifamily Housing Tax Exemption (MFTE) program.

The program offers tax breaks for developers building multi-unit homes with a focus on affordable housing growth.

Over 50 jurisdictions across the state currently take part in it, including Bellingham and Ferndale, but the new law will expand the program to more cities and counties. Ferguson says the law will help tackle one of the state’s most urgent priorities.

“Housing is a key challenge we have, we need more housing in this state and especially need more affordable housing … and this legislation is a very important step in getting us there,” Ferguson said at the signing.

The bill was introduced by Rep. Alex Ramel of Bellingham, who says it gives local governments the necessary tools to meet the growing demand for affordable housing.

“This bill is about delivering results for Washington families,” said Rep. Ramel. “It gives local governments the tools they need to meet growing demand for affordable housing, while ensuring that the benefits of development are shared more equitably across communities.”

It will take effect on July 26.