I applaud Gov. Bob Ferguson for his management in addressing housing affordability and supporting native lending. His veto of the proposed tax on first mortgage curiosity acquired by neighborhood banks (Senate Invoice 5794) is a win for Washingtonians. Group Banks are important, providing inventive and versatile financing for nonconforming properties like accent dwelling items which can be a key technique the Legislature has adopted to develop housing provide. This veto ensures these banks can proceed fostering homeownership with out burdensome taxes.
Moreover, I thank the Legislature for establishing, and Gov. Ferguson for signing into regulation, a tax on credit score unions that buy neighborhood banks (additionally in SB 5794). This measure protects our tax base whereas preserving shopper choices by encouraging the survival of impartial neighborhood banks. These establishments are sometimes probably the most modern in addressing distinctive housing wants, supporting numerous consumers in our communities.
By safeguarding native lenders and selling insurance policies that align with our state’s housing targets, Gov. Ferguson has proven a dedication to affordability and financial stability. I urge continued help for neighborhood banks as they play a vital function in tackling Washington’s housing disaster. When Washington’s neighborhood banks are sturdy, the communities round them thrive.
Kathryn Swenson, president and CEO, Group Bankers of Washington, Kent
