This bill creates a new community reinvestment account in the state treasury, amends RCW 43.79.567 and adds a new section to chapter 43.330 RCW to authorize the Department of Commerce to spend account funds (only after appropriation) on specified programs. Eligible uses listed include economic development and asset-building (for example homeownership, small business grants/loans, financial literacy, and training), civil and criminal legal assistance for postconviction relief including expungement and vacation of convictions, community-based violence intervention and prevention services, reentry services for people formerly incarcerated in state adult or juvenile facilities, and agricultural and economic supports for historically marginalized communities. The bill requires grant distribution in collaboration with “by and for community organizations” as defined by the Department of Commerce and the Office of Equity and lists example communities (Black, Latino, Native American, Asian, Native Hawaiian, and Pacific Islander). The bill requires the Department of Commerce, working with the Office of Equity and by-and-for community organizations, to maintain and update a community reinvestment plan every 10 years with specified minimum plan elements (eligibility criteria, accountability measures, outcome tracking, assurances about not supplanting private investment, and prioritization of nonprofit/faith-based/grassroots organizations). It directs the Department to report to the governor and relevant legislative committees by June 30, 2027 and biennially thereafter, charges the Washington State Institute for Public Policy with a study and report due June 30, 2027 (with that study authority expiring June 1, 2028), and requires cooperation from Commerce and the Office of Equity with WSIPP. The bill also records prior legislative appropriations and states an intent to transfer no less than $100,000,000 per year for continued implementation, reporting, and plan updates. Some text in the provided excerpt is unclear or incomplete: bracketed or deleted text fragments appear in the amended RCW language, the formal statutory definition of “by and for community organizations” as adopted by the Department and Office of Equity is not included, the specific statutory mechanism for the legislature’s stated intent to transfer at least $100,000,000 per year is not shown, and other existing provisions of chapter 43.330 and RCW 43.79.567 that may interact with these changes are not provided.

If enacted, the bill will set up a state account with large, recurring appropriations to fund grants and services aimed at economic development, legal help after convictions, violence prevention, reentry support, and agricultural and business aid for historically marginalized communities. That means more public money is likely to flow to nonprofit, faith-based, grassroots, and "by and for" community organizations (examples named include Black, Latino, Native American, Asian, Native Hawaiian, and Pacific Islander groups), as well as to programs for formerly incarcerated people, small businesses, homeownership supports, and youth mentorship; the Department of Commerce will control how those funds are awarded and must update and report on a community reinvestment plan and outcomes on a regular schedule. The Department of Commerce and the Office of Equity will take on new grantmaking, planning, reporting, and oversight duties and must cooperate with the Washington State Institute for Public Policy, which will study how the money is used and report by mid-2027; that creates extra workload and likely administrative cost or staffing needs at those agencies. Community organizations stand to gain funding opportunities but must meet criteria set in the plan and partner in decision-making; however, key details are unclear here — the formal definition of "by and for community organizations," the statutory mechanism ensuring the legislature’s stated intent to transfer at least $100 million per year, and some bracketed/deleted text are not provided, so the precise funding levels and eligibility rules remain uncertain.