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Intended audience: Independent affordable homeownership facilitators, taxpayers (low-income household) and counties.
Effective Oct. 1, 2019, affordable homeownership facilitators who sell self-help housing to low-income households can qualify for a real estate excise tax (REET) exemption.
Documentation
To claim a REET exemption, sellers must submit both of the following forms to their local county treasurer’s office:
| Required forms | Completed by | Submit to |
|---|---|---|
| Real Estate Excise Tax Affidavit | Seller and buyer | Local county treasurer |
| Certification for Self-help Housing Development Exemption Affidavit | Seller | Local county treasurer (Submit with your REET Affidavit) |
Definitions
Affordable homeownership facilitator is a nonprofit community or a neighborhood-based organization that is exempt from income tax under Title 26 U.S.C. Sec. 501(c) of the internal revenue code, and who is also a developer of self-help housing.
Qualified low-income household means individuals and families whose adjusted household income, does not exceed 80% of median household income, adjusted for household size, as most recently determined by the federal department of housing and urban development for the county in which the dwelling is located.
Self-help housing is a residence provided to low-income individuals and families for ownership, where the residents are required to participate in the construction. Self-help housing does not include residential rental housing provided to the general public.
More information
Questions?
Call 360-534-1503 with questions.
