2008 Equity Fund Application Round OPEN

ANNOUNCING

Equity Fund Application Round Open – August 15, 2008

Applications accepted until 3:00 PM, September 19, 2008, for allocation of 2009 Cap and up to $10 million from the Equity Fund.

Conditions of this Application Round

In authorizing this fund, the legislature intended that projects serving workforce housing (incomes between 50% to 60% median income) receive equity dollars. 

• This application round is limited to qualified nonprofit organizations who will materially participate in the proposed project.  However, the nonprofit cannot be controlled by or affiliated with a for-profit entity.  Local housing authorities, federally recognized Indian tribes, and regional support networks (see RCW 43.185) are also eligible to apply.

• Sources of funds cannot include money from the Housing Trust Fund or any source of funding that requires rent restrictions below 50% of median income.

• $10 million has been allocated to this program.  One project will not be awarded more than 60% of the available funds, or $6 million.

• The funds will be awarded as deferred no-interest loans. Documentation submitted with the application must show that the loan can be repaid on its due date. All loan terms must comply with the requirements of the Low-Income Housing Tax Credit program (LIHTC).

• If requesting LIHTCs for 100% of the units, the applicant must request bond authority or volume cap to cover at least 55% of the project costs as estimated in the pro forma. In order to secure the 4% tax credits, the tax-exempt bonds issued must cover at least 50% of the final project costs in accordance with the requirements of the Low-Income Housing Tax Credit program.

• Successful Applications must be able to close on the bonds no later than December 15, 2009.

• Please note all projects participating in this program must meet the Evergreen Sustainable Development Standards (ESDS).

• Project indicating they can meet the timing criteria and that receive the highest scores from the Multifamily Housing Evaluation Policy (PDF) will receive allocations first.  In case of a tie in scoring, the project requesting the lesser amount of Bond Cap will be awarded first.

The application can be downloaded from:

Multifamily Housing Equity Fund Application (Word) (Please note the Application will state “Equity Fund Only” in the title.)

If you cannot download the Application, please contact Viet Tran at 206-287-4482 or toll free in Washington state at 800-767-4663 ext 482. You may also visit our offices at 1000 2nd Ave, Suite 2700, Seattle, WA, or you may email Viet at viet.tran@wshfc.org.

If you have any questions about this round, please contact David Clifton at 206-287-4407or toll free in Washington state at 800-767-4663 ext 407.

 

This page was modified on 8/15/2008.