Increasing the supply of affordable and workforce housing.

HB 2027 increases real estate transfer taxes on property sales above specific thresholds to fund affordable housing programs. The tax applies at 1.1% for sales under $500,000, 1.28% for $500,000-$1.5 million, 2.75% for $1.5-$3 million, and 3% for sales over $3 million. Revenue from these taxes will support state housing programs targeting low- and middle-income households, including seniors, veterans, farmworkers, and others facing housing insecurity. The bill aims to build over 500,000 new affordable homes for residents earning under 50% of area median income by addressing supply shortages.