Commerce to make historic investments in affordable housing projects statewide

Applications open now for over $300 million in capital to develop multifamily rental housing projects 

OLYMPIA, WA --- The Washington State Department of Commerce today opened applications for projects seeking capital to develop affordable housing across the state. At more than $302 million, it is the state’s largest single funding round to date. 

Funds are available to eligible non-profits, local governments, community housing development agencies, tribal governments and housing authorities. Over $290 million comes from the Washington Legislature’s historic appropriation for the 2023-25 biennium, including a $24.2 million set aside for projects serving persons with disabilities and $107.4 million from the Apple Health and Homes program.

“Stable housing is the foundation for self-sufficiency,” said Commerce Director Mike Fong. “These historic investments are crucial to tackling a decades-long deficit in housing that is affordable and available to those who need it most.”

Fong joined Gov. Jay Inslee, Seattle Mayor Bruce Harrell and others yesterday to celebrate opening of the YWCA’s 800 East Denny Way project, a 91-unit apartment building designed to address barriers to affordable housing for low-income households and households at risk of or experiencing homelessness. The project received $20 million in capital from the Housing Trust Fund in 2022. 

The new investments, expected to be announced in December, will align with the 2023-25 investment strategy for affordable housing projects. The strategy explains how Commerce plans to administer the funds and was recently updated and released today, following months of input from the public, community partners and stakeholders. Read the 2023-25 Biennial Investment Strategy. 

In addition to the state Housing Trust Fund applications, another $12.4 million is available from federal National Housing Trust Fund and HOME program funds administered in Washington state by Commerce. This funding will also support multifamily rental housing projects across the state. 

Detailed information and application materials for both affordable housing funding opportunities are available on the Commerce website at Applying to the Housing Trust Fund - Washington State Department of Commerce. 

Commerce is hosting in-person and virtual workshops for potential applicants in July and August. To learn more, visit the Housing Trust Fund Resources and Trainings webpage at https://www.commerce.wa.gov/building-infrastructure/housing/housing-trust-fund/resources-trainings/. 

Since 1986, the Washington State Housing Trust Fund, administered by Commerce, has invested more than $1 billion in capital to help build or preserve more than 60,000 units of affordable housing statewide. 
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