Washington

Washington Programs and Resources

The following government funding programs, contacts and resources are
available in Washington:

Programs
The following programs are available to you in the state.

Tax-Exempt Bonds: For-Washington MapProfit Ownership
1000 Second Avenue, Suite 2700
Seattle, WA 98104
Phone: 206-464-7139
Fax: 206-587-5113
For residential rental projects located in Washington State with 5 or more units with complete and separate kitchen and bathing facilities in each unit.

The state limits the maximum level of tax-exempt Multifamily Bonds the Commission can issue in a given year for multifamily developers. Therefore, developers must apply for an allocation of Bond Cap before bonds can be issued. The application process can be competitive if requests for Bond Cap are greater than supply.

Developers may use the proceeds from tax-exempt bonds to develop Independent living units (apartments), Congregate care facilities, and Assisted living facilities.
Website: http://www.wshfc.org/housing/mfhdescription.htm

Tax-Exempt Bonds: Nonprofit Ownership
1000 Second Avenue, Suite 2700
Seattle, WA 98104
Phone: 206-464-7139
Fax: 206-587-5113
For organizations with a 501(c)(3) determination letter from the IRS. Nonprofit organizations can use tax-exempt bonds to finance that is directly related to their mission, including:
* Construction and rehabilitation of buildings
* Purchase of land and buildings
* Refinancing of existing capital debt
* Pre-Development costs, such as architectural, engineering, accounting, and legal costs directly related to the project
* Low-Income Housing Tax Credits cannot be used with this type of bond
Website: http://www.wshfc.org/housing/nphDescription.htm

Streamlined Tax-Exempt Placement (STEP) Program
1000 Second Avenue, Suite 2700
Seattle, WA 98104
Phone: 206-464-7139
Fax: 206-587-5113
The STEP (Streamlined Tax-Exempt Placement) Program makes below-market interest rate loans available to nonprofit borrowers by using tax-exempt nonprofit bonds. STEP uses standardized documents that reduce the time and cost of issuing tax-exempt bonds, making this type of financing feasible to a wider range of borrowers and projects. STEP works best for nonprofit projects with borrowing needs of less than $5 million. Larger projects are possible using other Commission programs.

STEP borrowers must be 501(c)(3) organizations. STEP lending partners can be commercial banks, thrifts, and credit unions. For-profit multifamily developers should contact the Commission regarding other available programs.

Borrowers are able to negotiate their interest rates with their lender, typically resulting in a savings of one to two percentage points below market interest rate.
Website: http://www.wshfc.org/housing/step.htm

Low Income Housing (LIHTC)
1000 Second Avenue, Suite 2700
Seattle, WA 98104
Phone: 206-464-7139
Fax: 206-587-5113
Email: askusTC@wshfc.org
Low Income Housing Tax Credit (LIHTC) reduces the tax liability of property owners and investors who agree to provide low-income housing for up to 40 years.
Website: http://www.wshfc.org/tax-credits/index.htm

Rapid Response Program (RRP)
1000 Second Avenue, Suite 2700
Seattle, WA 98104
Phone: 206-464-7139
Fax: 206-587-5113
Email: askusRRP@wshfc.org
The Rapid Response Program (RRP) is a loan program to assist eligible Washington organizations purchase real property for the preservation or development of affordable housing and community facilities.

These properties must be located in rapidly gentrifying or redeveloping areas, or in communities with a significant low-income population that is threatened with displacement by such gentrification. The intent of this program is to position eligible organizations to quickly respond to those market conditions that threaten affordable housing and communities.
Website: http://www.wshfc.org/rrp/index.htm

Land Acquisition Program (LAP)
1000 Second Avenue, Suite 2700
Seattle, WA 98104
Phone: 206-464-7139
Fax: 206-587-5113
Email: askusLAP@wshfc.org
A revolving loan program to assist eligible organizations purchase land suited for the eventual development of either multi- or single-family affordable housing. Funds Available as of 02/04/2010:
Single Family: $3,647,840
Multifamily: $1,344,835
Website: http://www.wshfc.org/LAP/index.htm

Neighborhood Stabilization Program (NSP)
Phone: (360) 725-3051
Email: bill.mandeville@commerce.wa.gov
The state Department of Commerce has received $28,159,293 from the US Department of Housing and Urban Development (HUD) to administer the Neighborhood Stabilization Program (NSP) in Washington State. The purpose of NSP is to address the impact of abandoned and foreclosed homes in our neighborhoods and communities.

The state has awarded NSP grants to cities and counties to implement eligible acquisition, rehabilitation, redevelopment activities.
Website: http://www.commerce.wa.gov/site/1139/default.aspx

Community Development Block Grant (CDBG) Program
Since 1982, the Community Development Block Grant (CDBG) Program has provided grants to Washington State cities and counties for housing rehabilitation, economic development, infrastructure, community facilities, planning, and public services projects.

The CDBG Program oversees seven grant programs including General Purpose Grant , Planning-Only Grant , Housing Enhancement Grant , Float-Funded Activity Grant , Public Services Grant , Imminent Threat Grant , Neighborhood Stabilization Program
Website: http://www.commerce.wa.gov/site/806/default.aspx

Energy Efficient Appliance Rebate Program
Washington Department of Commerce
The State of Washington will implement a mail-in rebate program to help residents replace older, inefficient refrigerators and clothes washers with new ENERGY STAR� qualified and ultra-efficient appliances. The rebate programs are scheduled to begin March 15, 2010. The refrigerator program is tentatively scheduled to end in May 2010; the clothes washer program will continue through December 2011, or until funds are depleted. Residents are required to recycle their old refrigerators. Clothes washer recycling is encouraged.

Eligible Products:
* Refrigerators
* Clothes washers

Program running 3/15/2010 – program will continue through December 2011, or until funds are depleted.
Website: http://www.cashforapplianceswa.com/

Senators
Your state senators can help you move your deals forward. Here’s who you want to reach out to.

Maria Cantwell (D-WA)
311 Hart Senate Office Building
Washington Dc 20510
Phone: (202) 224-3441
Email: Contact Online
Website: http://cantwell.senate.gov

Patty Murray (D-WA)
448 Russell Senate Office Building
Washington Dc 20510
Phone: (202) 224-2621
Email: Contact Online
Website: http://murray.senate.gov/

House Representatives
State Representatives don’t want boarded up properties or unaffordable housing in their districts. Reach out to them for a helping hand in getting your applications reviewed.

Rep. Jaime Herrera Beutler [D, WA-3]
Website: http://herrerabeutler.house.gov/

Rep. Norman Dicks [D, WA-6]

Website: http://www.house.gov/dicks

Rep. Doc Hastings [R, WA-4]
Website: http://hastings.house.gov

Rep. Jay Inslee [D, WA-1]
Website: http://www.house.gov/inslee

Rep. Rick Larsen [D, WA-2]
Website: http://www.house.gov/larsen

Rep. James McDermott [D, WA-7]
Website: http://www.house.gov/mcdermott

Rep. Adam Smith [D, WA-9]
Website: http://www.house.gov/adamsmith

Rep. Cathy McMorris Rodgers [R, WA-5]
Website: http://mcmorris.house.gov

Rep. Dave Reichert [R, WA-8]
Website: http://www.house.gov/reichert

Large Cities and Communities
The following larger cities and communities are most likely to offer local programs:

  • Auburn
  • Bellevue
  • Bellingham
  • Everett
  • Federal Way
  • Kennewick
  • Kent
  • Lakewood
  • Pasco
  • Renton
  • Seattle
  • Shoreline
  • Spokane
  • Spokane Valley
  • Tacoma
  • Vancouver
  • Yakima