The Washington State Housing Finance Commission (WSHFC) recently approved $269.5 million in financing for the rehabilitation or new construction of more than 1,100 affordable apartments in small and large communities across the state.

The projects range from much-needed rehabilitation of public housing in Aberdeen to new apartments for the homeless in Renton, Seattle, Spokane, and Yakima, according to officials. They include the second group from the 2017 low-income housing tax credit (LIHTC) competition to be approved by the governor-appointed commission.

“The housing tax credit is our state’s—and our nation’s—most effective resource for developing and preserving affordable housing,” said Karen Miller, WSHFC chair in a statement. “Rural, urban, and suburban communities gain not only construction jobs but housing that stays affordable for decades.”

In addition to allocating federal housing tax credits, the commission finances affordable housing by issuing tax-exempt bonds or notes. Tax-exempt bonds allow developers to borrow at lower interest rates, while the housing tax credit allows them to raise capital by selling the credits to investors.

Competitive housing tax credits:

· Aberdeen Manor Apartments in Aberdeen by the Housing Authority of Grays Harbor County will receive approximately $13.9 million in LIHTC equity. Part of a long-term effort to renovate all the housing authority’s properties, this project will significantly rehabilitate 160 units in two apartment buildings to extend their lives and affordability.

· Bicycle Apartments in Yakima by Next Step Housing will receive approximately $14 million in LIHTC equity. Half of these 80 new apartments will be reserved for the homeless, along with case management services. Eight local nonprofit organizations are participating in serving residents. The project is supported by $500,000 from the city of Yakima.

· Holy Names Homeless Families in Spokane by Catholic Housing Services of Eastern Washington will receive approximately $12.9 million in LIHTC equity. Part of a master-planned community on the former Holy Names convent property on the Spokane River, this new building will provide 75 apartments with services for extremely low-income and homeless families with children. Catholic Housing has worked closely with the Spokane School District on this project.

· North 96th Supportive Housing in Seattle by the Downtown Emergency Service Center will receive about $15.8 million in LIHTC equity. The developer’s 13th Housing First project for the chronically homeless, this development will provide 24-hour staffing and robust case-management services with its 99 studios. Residents will be chosen according to those with the highest needs, as determined by the homeless-response system’s coordinated entry process.

· Renton Commons in Renton by the Low Income Housing Institute will receive $10.4 million in estimated LIHTC equity. This new building of 47 apartments, with 36 set aside for homeless veterans and their families, is supported by the city of Renton, which has seen a rise in street homelessness.

Other multifamily projects:

· Avaire Apartments in Everett by Shelter Resources will receive approximately $4.9 million in LIHTC equity and $12 million through tax-exempt notes. Thanks to support from the city of Everett in removing restrictions in its consolidated plan, this complex of 96 apartments built in 1980 will be extensively renovated and preserved as affordable housing for the long term. In addition to replacing siding, windows, and insulation, the developer will convert a garage to a community building and add a playground.

· Evergreen Villages in Olympia by Bayside Communities will receive about $17.3 million in LIHTC equity and $44 million through tax-exempt notes. Interiors, windows, siding, security, and recreation areas will be updated in this 180-unit garden-style community, which is also supported by rental subsidies. New amenities will include a half-court for basketball, a new picnic and barbecue area, and energy-efficient lighting and appliances.

· Mount Baker Village Apartments in Seattle by Mount Baker Housing will receive $15.5 million in LIHTC equity, $33 million in tax-exempt bonds, and $21.3 million through tax-exempt notes. Through this financing, 107 apartments will be renovated and an additional 49 constructed, serving a mix of working families and fixed-income residents including seniors and veterans. This community is valued for housing many Asian immigrant families, particularly Vietnamese and Cambodian.

· Trailside Village Apartments in Everett by Preservation Partners will receive approximately $19.5 million in LIHTC equity, $35 million in tax-exempt bonds, and $30.3 million through tax-exempt notes. Similar to the Parkside Apartments project by the same developer, which was recently approved by the commission, this will be a full renovation of the site’s 250 apartments and community areas. The apartments will continue to be supported by Sec. 8 rental assistance.

Nonprofit Facilities:

In addition to the housing projects, the commission approved a $13.3 million tax-exempt bond for the east and north King County nonprofit Hopelink. This financing support Hopelink’s new Ronald Commons service center in Shoreline, which includes a food bank and education, employment and other services. It will also help Hopelink build another integrated service center in Redmond, which will house administrative staff, a food bank, and a full range of services.