State awards $48 million for affordable housing projects

Housing Trust Fund investment will build or rehab over 1,600 units for people in need and support over 1,800 jobs now, 500 permanent jobs after completion

OLYMPIA, WA – November 2, 2011 – (RealEstateRama) — The Washington State Department of Commerce awarded more than $48 million from the state’s Housing Trust Fund for 47 affordable housing projects across the state.  Approximately 1,647 housing units will be built or rehabilitated. The projects will directly support an estimated 1,800- 2,000 jobs, with about 500 local jobs supported annually once the projects are completed.

“The affordable housing and jobs provided by these projects are invaluable to Washington’s communities as need has increased during this recession,” said Gov. Chris Gregoire. “Struggling families and individuals will have more safe housing options, and communities will benefit from the jobs created.”

A detailed list of projects and locations is attached. They include multi-family rental housing and single-family homeownership programs across the state serving low-income individuals and families including seniors, people with physical or developmental disabilities, farm workers, homeless families with children, and homeless veterans. The projects provide affordable housing opportunities to households at or below 80 percent of the area median income, with 83 percent serving households at or below 50 percent of area median income.

The Housing Trust Fund awarded 47 projects from a list of 75 applications asking for a total of $89.6 million in state funding.

Of the $48 million awarded, $18.7 million will directly fund construction of new units or redevelopment of aging housing. This state investment accounts for approximately 10 percent of the $196 million in overall construction costs. These construction projects will generate job opportunities in 29 of the state’s 39 counties.

“Maximizing the state’s investment with other sources of funding is a key priority,” said Commerce Director Rogers Weed. “The Housing Trust Fund worked closely with numerous public agencies to leverage a total $270 million in funds from private, federal and local sources, or more than $5.50 for every state dollar spent.”

 Total funding for the projects includes almost $29 million in U.S. Department of Housing and Urban Development (HUD) and U.S. Department of Agriculture (USDA) grants and loans, and an estimated $139 million in Low Income Housing Tax Credit investments.

The Housing Trust Fund supports community efforts to ensure the availability of safe, decent and affordable housing by providing loans and grants for construction, acquisition and rehabilitation of low-income multi-family and single-family housing. Since 1989, the Housing Trust Fund has increased or improved the stock of affordable housing in Washington by more than 38,000 units and has invested approximately $900 million toward new and improved housing, leveraging more than $2 billion in private and public sector support.

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Commerce is the lead state agency charged with enhancing and promoting sustainable community and economic vitality in Washington. For more information, visit www.commerce.wa.gov. For information on locating or expanding a business in Washington, visit www.choosewashington.com.

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