The Washington State Housing Finance Commission (WSHFC) has approved $108.4 million in financing for the construction or preservation of 568 affordable apartments in communities statewide.
“With homelessness on the rise across the state, affordable housing is more important than ever before,” said Karen Miller, WSHFC chair. “These developments generate jobs and create more housing, but they also provide safety and stability for hundreds of vulnerable families and individuals.”
Seven of the 10 projects approved are financed through the 2018 low-income housing tax credit (LIHTC) competition. Three of them were made possible by the recent nationwide increase of 12.5% in the housing tax credit.
Competitive housing tax credit projects approved by the Commission include:
• Airway Heights: Arrowleaf Townhomes (Commonwealth Agency, $10.8 million in tax credit equity)
Located just west of Spokane, this 71-unit project will house working families, including those who must move from the Fairchild Air Force Base “crash zone.” Qualifying tenants will have the option to purchase their townhomes after the 15-year LIHTC compliance period.
• Redmond: Block 6B at Esterra Park (Imagine Housing, $9.6 million in tax credit equity)
Part of a large new mixed-use development, this property is the first of two planned affordable apartment buildings adjacent to each other. It will include 48 apartments, 24 of which will be set aside for homeless households. An on-site, YMCA-licensed child-care center is also planned.
• Royal City: Royal City Family Housing II (Catholic Charities Housing Services of Yakima, $8.5 million tax credit equity)
This project will bring 51 new, family-sized townhome apartments for farmworker households, easing the housing strain in this rural community where the overall vacancy rate is less than 1%.
• Kent: Kent Permanent Supportive Housing (Catholic Housing Services of Western Washington, $16.1 million tax credit equity)
This development in an area of growing need will create 80 new apartment homes with services for individuals leaving homelessness, including 36 units set aside for veterans.
• Puyallup and Parkland: Pioneer Portfolio (Catholic Housing Services of Western Washington, $8.1 million tax credit equity)
Through this financing, three affordable apartment buildings will be renovated and rehabilitated, while maintaining their rent and income limits for decades to come. After renovation, 20% of units will be set aside for homeless households, while continuing to serve people with chronic mental health issues.
• Seattle: DESC 22nd Avenue PSH (Downtown Emergency Service Center, $16.7 million tax credit equity)
This Housing First project provides permanent supportive housing for 85 chronically homeless, single adults, plus 24/7 on-site staffing and case management. The building will include office space for DESC staff, common recreation spaces, and meal services for tenants.
501 Rainier Supportive Housing (Plymouth Housing Group, $17.5 million tax credit equity) Located in the Little Saigon neighborhood of Seattle’s International District, this development will provide 102 new studio apartments, with most set aside as supportive housing for people coming out of homelessness. It will also offer a small retail space and community meeting space.
Other multifamily projects approved by the Commission: In addition to allocating federal housing tax credits, the Commission finances affordable housing by issuing tax-exempt bonds or notes. The following projects include both housing credits and bonds.
• Seattle: Judkins Junction (Community House Mental Health Agency, $7.6 million tax credit equity, $13.5 million tax-exempt bonds)
Scheduled to open in 2020, this brand-new facility will offer 74 affordable apartments alongside the Patricia K. Apartments, an affordable apartment complex that received competitive tax credit funding from the Commission in a previous round of financings.
Nonprofit projects approved by the Commission:
• Seattle: Two Schools Joint Campus (Two Schools, $22 million tax-exempt bonds)
The Giddens School and Lake Washington Girls Middle School, two independent schools, will use this financing to build and equip a shared campus facility. The combined resources will enable both schools to accept more students and offer more financial aid to families who need it.
• Des Moines: Wesley Homes (Wesley Homes, $90 million tax-exempt bonds)
Part of a redevelopment of the entire campus, this financing will enable the construction of a new five-story building with 151 apartments for seniors, as well as a community center for residents.
