Commission Preservation Activities

Consider recertification waiver for 100% Low Income Housing Tax Credit projects.

Updated Preservation Program Funding and Web Resource Links.

TEAM will host post year-15 compliance monitoring workshop live or on the web.

Compliance and Preservation Events Calendar will include more preservation friendly events.

Continue to participate in Impact Capital regional loan committees and serve on Board of Directors.

Hosted "Year 15 Exit Strategies for LIHTC Projects" training for 30 + nonprofits at the commission on February 13th and 14th.  At the Year 15 Exit Strategies for LIHTC Projects workshop, presenters lead a discussion of transition strategies for the nonprofit sponsor, rights of first refusal, purchase options, exit taxes, and preservation of affordability. Participants also spent the second day of the workshop in small groups developing the transition strategy for one of their own projects.  Sponsored by:  Enterprise Foundation, LISC, Impact Capital, National Equity Fund, and the Commission.

Updated Qualified Contract Process Information in the Tax Credit manual.

Updated expired property list.

Washington Coalition to Preserve Affordable Housing participant.

Continue to participate in Impact Capital regional loan and investment committees and serve on Board of Directors.

Created post year-15 monitoring procedures to assist properties with compliance challenges between years 15 and 40.

Updated expired property list.

Commission staff surveyed owners and managers and gave a Status Report of 1987 - 1989 Tax Credit Properties to the Commissioners.

Washington Coalition to Preserve Affordable Housing participant.

Continue to participate in Impact Capital regional loan committees and serve on Board of Directors and Loan & Investment Committee.

Hosted Two-Day HUD REAC UPCS Inspection Training presented by The Inspection Group Inc for commission staff and other public funders.

Developed "Qualified Contract" Process for properties approaching the "option year" in their extended use agreement.  Process will be included in the Tax Credit Compliance Manual as a new chapter in July, 2004.

Participated in preservation round table discussion at NCSHA Spring Workshops.

Collected survey responses from 29 other states on Preservation activities.

Ongoing participation in preservation groups.

Tacoma at Risk Housing Team

Washington Coalition to Preserve Affordable Housing

Continue to participate in Impact Capital regional loan committees and serve on Board of Directors and Loan & Investment Committee.

Staff proposes to change current Bond and Tax Credit programs in 2004 as set-asides vs. creation of separate program.

Preservation Training (PDF) conducted for nonprofit purchasers on 03/19/2003.

Ongoing participation in preservation groups.
Tacoma at Risk Housing Team
Washington Coalition to Preserve Affordable Housing

Continue to participate in Impact Capital regional loan committees and serve on Board of Directors and Loan & Investment Committee.

Low Income Housing Network and Commission complete a Tax Credit Building Risk Report (PDF) on projects financed between 1987 and 1992

Final report on Proposed Preservation Program completed, Cooperatively Developing a Multifamily Housing Preservation Program. (PDF)

Present Proposed Preservation Program to public and stakeholders:
a. Contract with Cedar River Group to facilitate stakeholder input/feedback (after issuing RFP)
b. Survey research conducted through mail, online and web links
c. Focus Group discussions conducted in Spokane, Olympia, Bellevue, and Seattle (PDF)

Staff drafts Proposed Preservation Program.

Contract with Low Income Housing Network (LIHN) to complete analysis of expiring tax credit properties

Year - 15 training (PDF) conducted April 11, 2002 for nonprofits in conjunction with California Housing Partnership Corporation.

Commission staff compiles list of expiring Tax Credits Properties; Expiration dates for Properties Allocated Tax Credits 1987-1989 (Excel); Sorted by Expiration Date (PDF);
Sorted by Project Name (PDF)

Low Income Housing Network (LIHN) and Commission complete a Report on Multifamily Preservation Activities (preservation study) November 2001

Commission concludes duties as PAE.
19 total projects restructured: 876 units preserved

Partnership with FHLB of Seattle to list low-income properties for sale; Staff polls owners for plans on projects with expiring commitments

Preservation related training for nonprofits conducted at the commission; Capital Reserve Workshop (PDF) (in conjunction with Impact Capital); Nonprofit purchasers (in conjunction with National Equity Fund)

Contract for preservation study with Low Income Housing Network (LIHN)

Preservation Coalition Group participation (Seattle, Tacoma, and State-wide); City of Seattle Section 8 Rapid Response Team; Section 8 Local Response Team; Tacoma At-Risk Housing Team; Washington Coalition to Preserve Affordable Housing

Staff working groups established

Preservation Discussion Groups initiated with partners

Invested in Impact Capital, a Community Development Financial Institution; $4.75 Million committed from Commission* (more than $20 Million in risk capital leveraged from other public and private sources)  *See Affordable Housing Preservation Fund under Program Improvement Fund, Kim Herman, member, Board of Directors; Mark Flynn, member, Loan & Investment Committee

Commission restructures debt and subsidy as PAE on HUD properties