Commerce invests nearly $20M into affordable housing
STAFF REPORT | Hagadone News Network | UPDATED 2 years, 7 months AGO
OLYMPIA — The Department of Commerce this week announced $19.8 million in awards to 31 applicants to preserve 873 affordable housing units through the Housing Preservation Program. These projects provide critically needed housing to some of Washington’s most vulnerable populations, according to the announcement.
Seven of the awards are in counties east of the Cascades, according to the announcement.
"Repairs and maintenance costs play a bigger role than ever in preserving affordable housing," Commerce Director Mike Fong wrote in the announcement. "Housing Preservation Program investments are an important way to extend the service of affordable housing that is already available, ensuring these projects can serve communities around the state for generations."
Funds from this round specifically supported existing Housing Trust Fund properties in need of major repairs or system replacements, according to the announcement. Commerce administers capital funding to finance the production and preservation of affordable housing throughout Washington.
Lack of affordable housing is directly related to homelessness, the announcement said. It's estimated that Washington state needs to create 1.1 million new housing units over the next 20 years to keep up with the projected need for housing at all income levels.
Commerce received 72 applications for funding, requesting more than $56 million for preservation projects, according to the announcement. Applications were evaluated based on eligibility and the urgency of physical repairs. Projects with urgent potential health and safety issues that could not self-finance were prioritized.
The Housing Trust Fund is approaching its 40th year of investing in housing across the state, the Commerce Department wrote. Since 1986, the Trust Fund has invested over $2 billion in capital funding and helped build or preserve more than 58,600 affordable housing units statewide.
More information about the Housing Trust Fund, including information on applying to future funding rounds, can be found on the Commerce website, https://bit.ly/43IUA1W.
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