Capital budget passed, but too late for affordable housing deadline

January 19, 2018                          By: Josh Kelety - Washington Newspaper Publishers Association

The state Legislature passed a capital budget on Thursday, a day late for affordable housing projects across the state to receive crucial funding.

Affordable housing developers had until 5 p.m. on Jan. 17 to apply for federal low income housing tax credits from the Washington State Housing Finance Commission.

But in order for projects to qualify for the tax credits, developers must show that they have enough funding lined up. And without a capital budget funding the crucial Housing Trust Fund before the Jan. 17 deadline, projects aimed at the lowest income demographics — such as homeless families and disabled veterans — won’t meet the commission’s criteria, according to Housing Finance Commission staff.

“Projects that are dependent on money from the Housing Trust Fund in the capital budget don’t qualify for the 2018 round” of federal tax credits, said Kim Herman, Executive Director of the Housing Finance Commission....................Read More