[ad_1]
OLYMPIA – The Washington State Department of Commerce announced a $312.6 million investment to address the critical issue of providing affordable housing across Washington communities. Chronic homelessness is exacerbated by a lack of affordable and supportive housing options, prompting this historic funding effort. To meet the future needs of all income levels, Washington state will need to add an estimated 1.1 million new housing units over the next 20 years.
Governor Jay Inslee praised these investments as major strides toward making affordable housing accessible to everyone. “Thousands of families will benefit because Congress has taken a big step on housing,” Governor Inslee said.
The Department of Commerce has allocated $274 million to 48 projects that will result in 3,443 apartment/rental housing units to address the housing needs of people with disabilities and people experiencing homelessness. His additional $38.6 million will fund 25 projects and create homeownership opportunities for her 470 low-income first-time homebuyers.
Commercial Director Mike Fung highlighted the department’s commitment to equity in funding and stressed the importance of feedback. The department is aligning its approach with state equity office definitions and best practices.
Of the total number of units created, 1,038 units will be set aside for residents experiencing homelessness upon entry, and 554 units of permanent supportive housing will be set aside across 16 projects. Permanent Supportive Housing provides long-term housing combined with flexible volunteer services tailored to individual needs.
Financing agreements typically require that the housing units remain in their intended use for decades, often 4050 years, and serve a large number of residents over the life of the investment.
Assignments for multi-family housing include:
- Ten projects received $24.3 million for individuals with intellectual and developmental disabilities.
- The Apple Health & Homes program received $58.6 million in funding for seven projects, creating 144 units of permanent supportive housing for participants, for a total of 354 units.
- Five projects received $28.8 million from the New Transit-Oriented Development Public-Private Partnership Matching Program to build 1,133 housing units.
- Eleven projects were selected and awarded $56.3 million for rural areas.
Korina Grigoras, Deputy Secretary for Housing at the Department of Commerce, highlighted the department’s efforts to address the unique barriers facing rural areas and support viable affordable housing projects in rural areas.
When reviewing projects for capital grants, Commerce seeks opportunities to leverage additional local, state, nonprofit and other funding sources. The total cost of the residential development included in the awarded projects is nearly $1.5 billion.
Making homeownership more accessible:
The program’s largest investment in homeownership, $38.5 million, will provide new construction, down payment assistance, and Funding affordability grants.
Commerce’s investments through the state’s Housing Trust Fund are aimed at helping low-income families achieve homeownership through a variety of models, including down payment assistance, affordability subsidies, and the acquisition and rehabilitation of existing properties. . Homes financed through Commerce can remain affordable for a minimum of 25 years.
Since 1986, the Washington State Housing Trust Fund has invested more than $2 billion in capital funds and helped create or preserve approximately 60,000 affordable housing units across the state.
For more information about Commerce’s investments in addressing Washington state’s affordable housing and homelessness issues, including application details for the Housing Trust Fund, please visit the Commerce website.
[ad_2]
Source link
