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To be eligible, an owner must be a nonprofit organization, as certified by the IRS under Section 501(c)(3) of the tax code. It must own 100 percent of the project, or that portion that is financed with tax-exempt bonds. The project must be located in Washington State.
Nonprofit organizations can use tax-exempt bonds to finance land, buildings, and equipment that meet the nonprofit's stated 501(c)(3) mission, including:
Construction and rehabilitation of buildings
Purchase of land, equipment and buildings
Refinancing of existing capital debt
Lease or purchase of equipment
Development and feasibility study costs, such as architectural, engineering, accounting, and legal costs directly related to the project and its development can also be financed.
Land, Buildings, and Equipment
Examples of eligible projects:
Day care centers
Job training sites
Possible capital equipment projects may include: veterinary equipment, museum exhibits, computer and communication networks and equipment, vehicles, stage sets, etc.
Some NOT Eligible for Tax-Exempt Financing
Projects that include religious activities, i.e. churches and synagogues are not eligible. However, projects that serve nonsectarian purposes that are sponsored by religious organizations are often eligible.
If the project provides both social and health services, please contact us to determine eligibility. Projects providing health services that can be financed under the Washington Health Care Facilities Authority (WHCFA) are not eligible for Housing Finance Commission bonds.
If you represent a higher education facility and your main campus is permanently located in Washington State you may be eligible to participate in programs of the Washington Higher Education Facilities Authority (WHEFA).