The Covenant Homeownership Account and Program (CHAP) was established by HB 1474, (Chapter 340, Laws of 2023). That legislation gave the Washington State Department of Financial Institutions responsibility for establishing and supporting an ongoing CHAP oversight committee. The oversight committee will evaluate and review program activities carried out by the Washington State Housing Finance Committee. Those activities will include an initial report to the legislature and the oversight committee arising from a study of racist covenants and their economic impact on communities. That report may lead to the creation and administration of one or more special purpose credit programs to provide mortgage down payment and closing cost assistance for persons adversely affected by racist housing covenants the program is investigating. The CHAP oversight committee also may from time to time make recommendations to the Legislature.