The Washington State Housing Finance Commission (WSHFC) has approved almost $67 million in low-income housing tax credits (LIHTCs) to build or rehab 457 affordable homes in seven projects.
“We are very pleased to be part of creating and renovating these affordable homes, which will not only help individual households but also create jobs and enhance communities across the state,” said Karen Miller, chair of WSHFC, in a statement.
The seven projects competed successfully for the LIHTC allocations in the 2015 round, and the dollar amounts are the estimated tax credit equity over 10 years. WSHFC also announced more than $105 million in financing for eight affordable housing developments in March.
The seven projects awarded tax credits at the beginning of May are:
- Totten Housing Development: 12 new single-family homes on the Port Madison Indian Reservation. The Suquamish Tribe will receive $1.6 million in estimated tax credit equity;
- Seventh & Cherry Supportive Housing: 29 units for the chronically homeless in Seattle. Plymouth Housing Group will receive $11 million in estimated tax credit equity;
- Compass at Ronald Commons: 59 units on the Ronald United Methodist Church’s property in in Shoreline. Compass Housing Alliance will receive $11.8 million in estimated tax credit equity;
- Bay Terrace Phase II: 74 units in the second phase of Tacoma Housing Authority’s investment to replace deteriorated housing in the city’s Hilltop neighborhood. Tacoma Housing Authority will receive $14.4 million in estimated tax credit equity;
- Olympia Commons: 42 units for homeless and special-needs populations in Olympia. The Low-Income Housing Institute will receive $8.3 million in estimated tax credit equity;
- Twin Lakes Landing: 50 apartments for families in Marysville. Housing Hope will receive $7.4 million in estimated tax credit equity; and
- Sun Tower: 141 apartments will be rehabbed and preserved for seniors in Yakima. Carmel Senior Housing will receive $12.5 million in estimated tax credit equity.