Washington § 35.108.030 - Land bank authorities — Establishment.

(1) A city or county legislative authority may authorize the establishment of a land bank by a public corporation established under RCW 35.21.730, a public housing authority established under chapter 35.82 RCW, or an entity exempt from federal income taxation under 26 U.S.C. Sec. 501(c)(3) of the internal revenue code of 1986, as amended. The city or county legislative authority must adopt an ordinance or resolution authorizing such entity to establish and operate a land bank. At a minimum, the ordinance or resolution must:

(a) State the public purpose of the land bank authority, including acquiring, holding, managing, and transferring property for affordable housing consistent with adopted local housing plans and chapter 36.70A RCW;

(b) Describe the governance or oversight structure applicable to the land bank authority; and

(c) Authorize the land bank authority to acquire, hold, lease, and transfer real property, including transfers at less than fair market value in exchange for affordability requirements authorized under this chapter.

(2) The legislative authorities of two or more contiguous counties may authorize the establishment of a land bank to be administered in accordance with an interlocal agreement.