Commerce received 62 applications to boost affordable housing supply by more than 4,000 units



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nov. 13, 2024

*CHIP sees high demand for funds*

Over 60 applications received to boost affordable housing supply by more than 4,000 units

The Washington State Department of Commerce received 62 applications from cities, counties and public utility districts for the 2024 Connecting Housing to Infrastructure Program (CHIP), which closed on Oct. 31.

With only $12.7 million available, applicants are requesting more than $48 million for the infrastructure needed to support new affordable housing development. These projects seek to create 4,067 affordable housing units, half of which would support housing options for those earning less than 50% area median income (AMI).


* View the list of 2024 CHIP applications (PDF) [ [link removed] ].

Washington will need more than 1 million homes in the next 20 years [ [link removed] ]. This is equivalent to approximately 55,000 new housing units each year for the next 20 years to keep up with anticipated population growth and the demand for housing. Of these new units, half need to be affordable to those earning less than 50% AMI, which aligns with requests for current CHIP funding.

*Award decisions coming in January 2025*

Over the next few weeks, Commerce will review applications to ensure the limited amount of available funding is awarded based on our commitment to equity, readiness for capital construction, and leveraging of private and local funds to provide housing.

To date, CHIP has invested $88 million to support the development of more than 8,000 affordable housing units. CHIP grants can support the development of affordable housing by paying for water utility improvements or system development charges associated with new affordable housing units. Projects receiving CHIP funding must include at least 25% affordable units that must remain affordable for at least 25 years. Future CHIP funding is contingent on appropriation in the 2025-27 State Capital Budget, which will be developed in the 2025 legislative session that begins Jan. 13.

 

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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 [link removed]. For information on locating or expanding a business in Washington, visit choosewashingtonstate.com [ [link removed] ].

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