Dec 16, 2016Wafla awarded $3 million for housing project
The Washington State Department of Commerce’s Housing Finance Unit today awarded $26 million in loans and grants from the state’s Housing Trust Fund, $2.7 million from the Federal HOME program, and $2.9 from the National Housing Trust Fund for 20 affordable housing projects in Washington. Another $1.9 million from the Ultra-High Energy Efficiency Demonstration Program were awarded to some of these projects that met the requirements laid out by the Legislature in the 2015-2017 capital budget. Wafla is a recipient of a $3 million award.
The organizations receiving these awards will use the funds to build, purchase, or renovate buildings to provide 923 units of affordable housing in 10 counties across the state. The projects will provide permanent housing for Washington residents, including people with chronic mental illnesses, homeless families with children, homeless youth, people with disabilities, veterans, and farmworkers. A further 334 beds will be provided for seasonal farmworkers. Approximately 79 percent of the units provided by these projects will serve extremely low-income households earning 30 percent or less of the area median income.
The money awarded to wafla will be used to build and manage a 166-bed housing complex, according to the organization. The proposed site is located in Okanogan, Washington.
Funds for these awards were made available through capital appropriations in the 2015-2017 state biennial budget and through the federal Department of Housing and Urban Development (HUD). Commerce’s investment will leverage an estimated $280.6 million from other sources – approximately $7.89 for every $1 it awards – which will include funds from the Low-Income Housing Tax Credit program, local public funders and private investors.
HOME and National Housing Trust Fund are HUD programs administered by Department of Commerce. These federal funds are competitively awarded to qualifying Housing Trust Fund projects through the regular Housing Trust Fund application process.
A list detailing specific projects and awards is available at http://www.commerce.wa.gov/wp-content/uploads/2015/12/hfu-htf-award-list-2016.pdf. For more information on Commerce’s administration of the Housing Trust Fund in support of community-based efforts to provide affordable housing, please visit the program’s website.
