State Awards More Than $40 Million for Affordable Housing Projects
OLYMPIA, WA – December 16, 2008 – (RealEstateRama) – The Washington State Department of Community, Trade and Economic Development (CTED) this week awarded more than $40 million for 20 multi-family affordable housing projects in 10 Washington counties. A total of 1,017 housing units and 25 beds in various housing programs will be created in Clark, Franklin, Grant, Jefferson, King, Lewis, Pierce, Spokane, Thurston and Yakima counties. This is the second of two rounds of construction funding awarded annually through the Washington State Housing Trust Fund.
Of the $40 million, $24 million will go directly to construction funding, covering approximately 20 percent of the $122 million overall construction costs for these projects. The remaining money will be used for indirect costs such as land acquisition, architecture fees, legal and engineering work, developer fees, and environmental assessment.
“Additional affordable housing is critically important right now,” said Gov. Chris Gregoire. “Not only are many Washingtonians suffering during this national economic recession, but neighbors in Southwest Washington are still recovering from last year’s floods. These grants mean the creation of construction jobs across the state, as well as stable, affordable housing that benefits entire communities.”
The projects serve a broad range of individuals and families including seniors, physically and developmentally disabled persons, homeless families with children, survivors of domestic violence and low-income households in general. All of the projects provide affordable rental opportunities to households at or below 80 percent of the area median income.
“Affordable housing for individuals and families, is essential to the health and vitality of Washington communities,” said Juli Wilkerson, Director of CTED. “These projects demonstrate the power of successful public-private partnerships in working to provide the right blend of housing options to meet a variety of immediate and longer term needs.”
Following last winter’s storms in Western Washington, Governor Gregoire authorized additional funding for housing projects in areas impacted by flooding. Two projects in Centralia, Lewis County, will receive a total of $6.3 million. One will construct 13 units plus 19 beds for a program that helps homeless and developmentally disabled individuals. The Archdiocesan Housing Authority will also receive funding, contingent on securing complete project financing, for new construction of 74 housing units targeted for families and farmworkers.
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 36,000 units and has invested more than $600 million towards new and improved housing, leveraging more than $2 billion in private and public sector support.
A list detailing specific projects and awards.
CTED is the lead state agency charged with enhancing and promoting sustainable housing and economic vitality in Washington State. For more information, please visit www.cted.wa.gov
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Contact: Lisa Vatske, Managing Director, Housing Trust Fund, 360.725.2915
Penny Thomas, CTED Communications, 360.725.2805
