Washington State awards $65 million for affordable housing projects

The Washington State Department of Commerce awarded more than $65 million from the Housing Trust Fund for 49 affordable housing projects in 23 counties across the state. The projects will provide a total of 2,349 units of affordable housing for low-income households and people with special needs, and will generate an estimated 2,866 jobs. They serve households with incomes at or below 80 percent of area median income, but most will serve even lower incomes, with more than two-thirds of units targeted to households at 50 percent of median or lower. All units must remain affordable to the target population for 40 years. The state’s investment will leverage $346 million from other sources, or about $5.30 for every dollar from the Housing Trust Fund, including funds from Low Income Housing Tax Credits, private investors, and other public sources.

Courier-Herald

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