Concerning the community reinvestment program.

Summary

The bill creates a Community Reinvestment Account in the state treasury and tasks the Department of Commerce, with the Office of Equity, to develop a reinvestment plan that must be updated every ten years. About $311 million has already been appropriated for the program, and the legislature intends to transfer at least $100 million each year for continued work. A study by the Washington State Institute for Public Policy will examine how the money is distributed and used, with reporting requirements built in.

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