Report on Multifamily Preservation Activities
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Introduction
Washington’s portfolio of project-based Section 8 properties exceeds 480
projects with over 19,000 units affordable to very low-income households.
Residents of these properties typically earn below 30% of the area median
income.
The Low-Income Housing Tax Credit program has financed the development and
rehabilitation of more than 416 properties with over 23,000 units in Washington
State. Affordability levels range from 30% to 60% of the area median income.
The USDA Rural Development programs have financed 331 properties with more than
9,300 units. Because of rental assistance offered in these units, they house
families earning less than 50% of area median income.
Preservation Success
Publicly funded preservation activities have leveraged private resources and
played a key role in preserving 3 out of 4 affordable housing units at risk of
“opting out” of affordability requirements since 1995 (4,580 of 6,205 units).
Owners of 283 projects with 12,845 units have renewed their Section 8 subsidy
contracts since 1995. Only 50 projects containing 1,625 units have opted out
of subsidy programs during the same period.
Preservation Challenges during the Next Ten Years
159 Section 8 projects with 5,006 affordable units have original HAP contracts
that will expire between 2002 and 2011.
119 Tax Credit projects containing 4,695 units have Regulatory Agreements that
expire between 2002 and 2011.
172 Rural Development projects containing 4,864 units have affordability
requirements that expire between 2002 and 2011.
Summary
Public efforts to preserve the large portfolio of subsidized rental units in
Washington State have successfully preserved three out of four units at risk of
“opting out” of federal programs since 1995. There is still time to develop
strategies to preserve the 14,565 affordable units at risk of “opting out” of
federal programs over the next ten years.
Source:
Washington State Housing Finance Commission
“Opening doors to a better life”
This page was posted on 01/25/2002.
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