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ADVISORY #3 STATE PREVAILING WAGE (09/01/2010)
We have received several queries regarding the applicability of State Prevailing Wage to projects funded with Washington Works dollars. After discussions with representatives from the Dept. of Commerce, Labor & Industries, and other industry professionals, we are presenting the following guidelines to help answer your questions on the applicability of the State Prevailing Wage requirements to your Washington Works project. If in doubt, please contact your counsel or counsel familiar with Labor and Industries’ guidelines.
Disclaimer: The Prevailing Wage Analysis Tree represents an analysis of current laws, regulations, and the communicated interpretation thereof by the Department of Labor and Industries. It does not represent the official policy of the Department of Labor and Industries.
ADVISORY #2 (08/13/2010)
To be competitive, it is very important that you minimize your Washington Works request. Washington Works was designed to be a “gap” filler.
Once the total project costs are known, you should determine the amount
of debt the work force housing rents can support.
Projects must maximize the amount of debt they can support to be
considered for Washington Works funds.
Tax Credit equity or other funds, if applicable, should be used to cover costs in excess of debt supported by rents. The Washington Works request should be the smallest amount necessary to cover the remaining gap.
ADVISORY #1 (08/04/2010)
Do not apply in the first round if the project cannot close by December
Projects applying in the first round which receive an allocation of
Washington Works Funds are ineligible to apply in the subsequent round
closing on October 29, 2010.
$2.5 million is the maximum amount of Washington Works funds allowed for
projects applying in the first round, no exceptions.
In short, if the project needs more than $2.5 in Washington Works funds, it should not apply in the first round. If the project cannot close by December 31, 2010, it should not apply in the first round.
Please contact David at 206.464.7139 or 1.800.767.HOME (4667)