Commission Preservation Activities

2008 |2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999

2008 Activity  

• Approved several properties for 100% Tax Credit & recertification waiver.
• Processed first Qualified Contract proposal & marketed property for sale.
• Added Grant & Public Funding opportunities to Events Calendar.
• Continued to coordinate with public funder partners on Asset Management & Preservation projects.
• Participated in Impact Capital regional loan committees and serve on Board of Directors.

2007 Activity  

• Implemented recertification waiver for 100% Low Income Housing Tax Credit projects.
• Updated Preservation Program Funding and Web Resource Links.
• Posted year-15 compliance monitoring Web Training Video.
• Compliance and Preservation Events Calendar included more preservation friendly events.
• Participated in Impact Capital regional loan committees and serve on Board of Directors.

2006 Activity 

• 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.
• Participated in Impact Capital regional loan and investment committees and serve on Board of Directors.

2005 Activity 

• Created post year-15 monitoring procedures to assist properties with compliance challenges between years 15-40.
• Updated expired property list.
• Staff surveyed owners/managers. Gave Status Report of 1987 - 1989 Tax Credit Properties to 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.

2004 Activity

• 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.

2003 Activity

• 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)

2002 Activity

• 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)

2001 Activity

• 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)

2000 Activity

• 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

1999 Activity

• Commission begins contract as a PAE (Participating Administrative Entity) for HUD's Mark to Market Program
• Preservation efforts explored with HUD to re-finance Project-based Section 8 properties
• Policy discussions initiated with Commissioners

NOTE:  This timeline is subject to change depending on public, staff and commissioner input.

Questions regarding this timeline:

Washington State Housing Finance Commission
Attn: Tim Sovold, Director, Compliance and Preservation Division
1000 Second Avenue, Suite 2700, Seattle, WA 98104-1046
 206.287.4419 | tsovold@wshfc.org

This page was modified on 11/18/2008