Program Eligibility
Eligible Organizations
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.
Eligible Activities
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
- Performance halls
- Administrative offices
- Day care centers
- Job training sites
- Independent schools
- Athletic facilities
- Research facilities
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).
This page was modified 08/19/2008.
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