Commerce awards $85 million for 30 affordable housing projects
The Department of Commerce announces awards totaling $85 million in grants and loans for 30 affordable housing projects in communities across the state. See the complete list here.
These funds will help provide an estimated 1,404 multifamily rental units/beds and 121 homes for homeowners. Funding comes primarily from the state’s Housing Trust Fund, with additional funding provided via the federal HOME and National Housing Trust Fund programs managed by Commerce.
These affordable housing investments represent HTF’s coordination with federal and local funders, with private businesses and charitable organizations to fully utilize the resources available to help address Washington’s housing crisis.
Commerce’s Housing Finance Unit received 73 applications for the 2020 Traditional HTF funding round, including 11 applications for Homeownership projects. The total request included $181 million from the State HTF, National HTF, and HOME programs, $5.5 million from the Private Match fund, and $3.6 million from the Ultra-High Energy Efficiency fund, all of which would fund the construction or preservation of almost 4,000 units of affordable housing.
Commerce worked to align with local community priorities, other public funders, the Washington State Housing Finance Commission’s Low Income Housing Tax Credit program, and the Health Care Authority Behavioral Health and Recovery Division staff.
A call for applications for 2021-23 biennial funds and funds from the federal HOME and National Housing Trust Fund programs, will be released in 2021. Commerce will publish more information as it becomes available on its website and distribute via email. Subscribe to the Housing Trust Fund mailing list to stay up to date
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