Commerce invests additional $26.6 million to strengthen affordable housing development
As construction costs rise, Housing Trust Fund investments help keep multifamily projects moving forward
OLYMPIA, WA --- The Washington State Department of Commerce today announced it would supplement 22 multifamily affordable housing projects with an additional $26.6 million from the state Housing Trust fund. This additional funding will bridge the gap created by steep increases in construction costs and help support developers in maintaining a needed pipeline of affordable housing units.
Funding will support these existing Housing Trust Fund projects:
- $2.87 million to Port Gamble S?Klallam Housing Authority for Warrior Ridge, 30 supportive housing units in rural Port Gamble.
- $2.5 million to Multi Service Center for Redondo Heights transit oriented development project, 334 units in Seattle.
- $2 million to Chief Seattle Club for Sacred Medicine House, 120 units in Seattle.
- $2 million to Imagine Housing for Samma Senior Apartments, 76 units in Bothell.
- $1.99 million to Vashon Household for Island Center, 40 supportive housing units on Vashon Island.
- $1.75 million to Vancouver/Kelso Housing Authority for Laurel Manor, 82 units in Vancouver.
- $1.65 million to El Centro De La Raza for El Centro Columbia City, 87 units in Seattle.
- $1.62 million to Vancouver Housing Authority for SafeChoice, 44 units in Vancouver.
- $1.5 million to Family Support Center of South Sound for FSCSS Family Housing Phase I, 62 units in Olympia.
- $1.41 million to Korean Women?s Association for 87 units at 15th & Tacoma in Tacoma.
- $1.4 million to Columbia Cascade Housing Corporation for White Salmon Assisted Living, 9 units in White Salmon.
- $1.37 million to Low Income Housing Institute for Good Shepherd, 85 units in Seattle.
- $811,243 to Frist AME Housing Association for Bryant Manor Redevelopment Phase 1, 101 units in Seattle.
- $517,220 to Community Roots for YouthCare Annex, 84 units in Seattle.
- $845,322 to Opportunity Council for Laurel and Forest, 56 units in Bellingham.
- $400,000 to Mercy Housing for Millworks Family Housing, 83 units in Bellingham.
- $400,000 to Vancouver Housing Authority for Laurel Manor, 82 units in Vancouver.
- $240,000 to Parkview Services for a group training home, 6 units in Gig Harbor.
- $190,000 to Homes First for five scattered site rental housing projects, 9 units in Thurston and Mason counties.
- $150,000 to HomeSight Community Development for Othello Square affordable homeownership project, 68 home ownership units in Seattle.
- $141,435 to Homes First for two detached auxiliary dwelling units in Lacey.
- $119,000 to Yakima Housing for Fruitvale Housing, 54 units in Yakima.
?Creating and maintaining an adequate supply of affordable housing units continues to be a challenge for communities across Washington state, requiring new approaches and strong public-private partnerships,? said Commerce Director Lisa Brown. ?Coming together with the Legislature on creative solutions like this gap financing will help more individuals and families to find affordable housing options, both in the near term and into the future.?
Commerce reached out to projects that were awarded 2021 funding, but had yet to contract with the state to access the funds, to understand and assess project status and readiness to proceed. The department then worked closely with the Washington State Housing Finance Commission, Affordable Housing Advisory Board and other public funders on plans to provide gap financing. Stakeholders agreed to prioritize projects ready to close and proceed to construction in the next few months.
?These previously-awarded units were facing gaps in funding due to increased costs,? said Nate Lichti, managing director of multifamily housing at Commerce. ?The recommended award increases, in concert with funding from other partners, will ensure the affordable housing capacity previously committed to is built and placed into service.?
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