Commerce, Gov. Ferguson announce $212 million in funding for affordable rental housing statewide
Applications for two affordable housing opportunities will be accepted through Oct. 16
OLYMPIA, Wash. — Governor Bob Ferguson and the state Department of Commerce today announced applications are open for $212.4 million in affordable multifamily rental housing funding. This investment will help close the gap in needed units in every community statewide.
Commerce’s Multifamily Housing Unit administers funding for capital housing projects. It has two open funding opportunities for developers planning affordable housing projects, with funding sources including the Washington State Housing Trust Fund (HTF), Apple Health and Homes (AHAH), Intellectual and Developmental Disabilities program, and the federal HOME and National Housing Trust Fund (NHTF) programs.
“Every Washingtonian deserves an affordable place to live,” Governor Bob Ferguson said. “Washington needs more affordable housing — a lot more. This past session, we made more state investments in affordable housing than ever before. These investments will serve our most vulnerable residents and improve affordable housing statewide.”
“Affordable rental housing is one of the smartest investments we can make in our state’s future,” said Commerce Director Joe Nguyen. “When we invest in housing that people can actually afford, we’re strengthening entire communities, supporting local economies and creating a better future for everyone.”
Since 1986, the state’s Housing Trust Fund has invested more than $1 billion in capital funding and helped build or preserve more than 60,000 units of affordable housing statewide. It’s significant, but more is needed: Commerce research shows that the state needs more than a million new homes in the next 20 years to meet need and anticipated growth, and more than half of those must be affordable to people earning less than 50% of the median family income.
The two open funding opportunities are:
Both applications close Oct. 16.
Recent funding supported Salishan, a Tacoma Housing Authority (THA)development.
“Thanks to critical funding from the Department of Commerce, we've been able to expand the scope of renovations at Salishan, a historic Eastside neighborhood that dates back to 1942,” said Priya D. Saxena, director of strategic initiatives at THA. “These funds have enabled essential upgrades to heating and cooling systems, which help residents age in place, improve quality of life, and preserve affordable housing options for families.”
This funding is part of the Legislature’s historic $419 million, two-year investment in affordable housing, which passed during the 2025 legislative session. The overall amount includes affordable multifamily housing development, such as new construction, acquisitions and rehabilitation, that will benefit people who are low-income, have experienced chronic homelessness, have intellectual and developmental disabilities (IDD), and others who have experienced obstacles to housing stability.
This new funding round will let more communities make upgrades like those at the Salishan. For more information about these or other housing funding opportunities, visit the MHU website’s funding opportunities page. All Commerce funding opportunities are available online.
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