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State awards $6.7 million for affordable housing projects
The Washington State Department of Commerce Housing Trust Fund awarded $6.7 million to six affordable housing projects in four Washington counties. The projects will support an estimated 122 jobs.
Of the total, $5.4 million was awarded to four Communities of Concern projects. The funds will support predevelopment and construction activities, providing a total of 264 affordable housing units in Clallam and King counties. Another $1.3 million was awarded to two Homeless Veterans projects for 20 new units in Snohomish county and rehabilitation of 24 units in Cowlitz county.
A list of project details is available on our website.
“These funds help provide affordable housing to some of the most vulnerable populations in our state, including homeless veterans,” said Gov. Chris Gregoire. “At the same time, families, individuals and communities will benefit from the jobs created.”
All the projects will serve households with incomes up to 80 percent of area median (AMI), but will primarily target the homeless and households at or below 30 percent AMI. Projects must remain dedicated to the target population for 40 years. Funds were made available by a 2011-2013 legislative appropriation to the Housing Trust Fund for projects serving Communities of Concern and Homeless Veterans.
Out of the total funds awarded, $4.7 million will directly fund construction activities. It is estimated that this will generate 122 jobs, including 80 in the construction industry. This investment will leverage approximately $13.3 million from other sources including Low Income Housing Tax Credits, private investors, and other public sources.,.
“We work hard to maximize the state’s investment in affordable housing with other sources of funding – in this case about $2.23 outside dollars for every Housing Trust Fund dollar spent,” said Dan McConnon, deputy director for Community Services and Housing at Commerce. “These partnerships help provide more safe housing options for struggling families and individuals.”
About the Washington State Housing Trust Fund supports community efforts to ensure the availability of safe, decent and affordable housing by providing loans and grants for construction, acquisition and rehabilitation of low-income multi-family and single-family housing. Since 1989, the Housing Trust Fund has increased or improved the stock of affordable housing in Washington by more than 38,000 units and has invested approximately $900 million toward new and improved housing, leveraging more than $2 billion in private and public sector support.