The Washington State Department of Commerce has awarded $22,490,000 from the Housing Trust Fund to 11 multifamily affordable housing projects in seven counties. A total of 706 units will be built or rehabilitated in Clallam, Island, Walla Walla, King, Spokane, Pierce and Snohomish counties.
Of the $22 million in loans awarded, $17.5 million will directly fund construction of new units or redevelopment of aging housing. That accounts for approximately 13 percent of the $135 million in overall construction costs. In all, the awards will leverage approximately $140 million in funds from other sources, or more than six dollars for every state dollar spent. This includes more than $23 million in U.S. Department of Housing and Urban Development and U.S. Department of Agriculture grants and loans, plus more than $71 million in Low Income Housing Tax Credit investments.
More than 90 percent of the units funded through the loans will provide housing to very low income individuals and families (those earning less than 50 percent of the area’s median income), while more than 50 percent will serve extremely low income households (those earning 30 percent or less of the area’s median income). Twenty percent of the units funded will be reserved for individuals with multiple special needs, including developmental and physical disabilities, substance abuse issues, or chronic mental illness, who would otherwise be homeless.
For more information about the Washington State Department of Commerce, visit www.commerce.wa.gov.