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* ONLY for projects previously financed with tax-exempt debt by the Commission
501(c)(3) Nonprofit Housing Bonds
The Nonprofit Housing Bond Program provides 501(c)(3) organizations that have housing in their mission with access to tax-exempt bond financing.
NEWS AND HIGHLIGHTS
Best Repositioning 2016: Taking Independent Living to New Heights
Senior Housing News 03/28/2017
Bonds for the expansion of Rockwood’s 11 story Summit at South Hill were issued in the beginning in 2014 and included refunding bonds for the existing campuses of South Hill and Hawthorne, also located in Spokane. Rookwood has been in business since the 1960s, employs 300 and serves about 500 seniors daily.
Nonprofit housing bonds can be used to finance housing facilities wholly owned by a 501(c)(3) organization, as long as the facility furthers the charitable purpose of the organization. Nonprofit bonds or 501(c)(3) bonds cannot be combined with Low-Income Housing Tax Credit; however, nonprofit 501(c)(3) bonds are less restrictive regarding the types of units that can be financed as well as facility amenities. Nursing beds can be financed for example as well as amenities like commercial kitchens and laundry facilities, as long as they are serving the needs of the building residents or within the mission of the nonprofit organization.
Applications are accepted at any time.
There is no competitive application process for this program.
Nonprofits can use bonds to finance most housing facilities not intended for individual ownership including nursing homes. Proceeds can be used for:
Acquisition (including land for future use)
Refinance of existing capital debt
Pre-Development costs, such as architectural, engineering, accounting, legal costs directly related to project can also be included in the above financing activities.
The full range of living options provided by nonprofit organizations can be financed:
Independent living units (apartments)
Assisted living units
CCRCs (continuing care retirement communities)
Group homes / special needs populations
Emergency shelters / facilities for the homeless
Please contact us if you would like to know more about the Nonprofit Housing Bond Program at 206-464-7139 or 800-767-4663 or:
David Clifton, Assistant Director, 206-287-4407, firstname.lastname@example.org
Sharonn Meeks, Finance Associate, 206-287-4404, email@example.com