April 3, 2024

Commerce invests nearly $20 million to preserve affordable housing

Funding will help make repairs to keep 873 units in service for vulnerable populations in 14 counties

OLYMPIA, WA --- The Department of Commerce this week announced $19.8 million in awards to 31 applicants to preserve 873 affordable housing units through the Housing Preservation Program. These projects provide critically needed housing to some of Washington?s most vulnerable populations.

Nine of the awarded projects are in King County, and the other 22 are distributed across 13 Washington counties.?

View the list of awarded projects (Box PDF)

"Repairs and maintenance costs play a bigger role than ever in preserving affordable housing," said Commerce Director Mike Fong. "Housing Preservation Program investments are an important way to extend the service of affordable housing that is already available, ensuring these projects can serve communities around the state for generations."

Funds from this round specifically supported existing Housing Trust Fund properties in need of major repairs or system replacements. Commerce administers capital funding to finance the production and preservation of affordable housing throughout Washington.?

Lack of affordable housing is directly related to homelessness. It's estimated that Washington state needs to create 1.1 million new housing units over the next 20 years to keep up with the projected need for housing at all income levels.?

Commerce received 72 applications for funding, requesting more than $56 million for preservation projects. Applications were evaluated based on eligibility and the urgency of physical repairs. Projects with urgent potential health and safety issues that could not self-finance were prioritized.

The Housing Trust Fund is approaching its 40^th year of investing in housing across the state. Since 1986, the Trust Fund has invested over $2 billion in capital funding and helped build or preserve more than 58,600 affordable housing units statewide.

Learn more about the Housing Trust Fund, including information on applying to future funding rounds on the Commerce website.?

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MEDIA CENTER

Media Contact

Commerce Communications

Amelia Lamb, (360) 995-3386

About Commerce

Commerce works with local governments, businesses, community-based organizations and tribes to strengthen communities. The department?s diverse portfolio of more than 100 programs and effective public and private partnerships promote sustainable community and economic development to help all Washingtonians thrive. For more information, visit http://www.commerce.wa.gov. For information on locating or expanding a business in Washington, visit choosewashingtonstate.com.

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