Washington Department of Commerce awards $57.6 million for affordable housing

Washington Department of Commerce awards $57.6 million for affordable housing
Washington State Department of Commerce
Washington State Department of Commerce

Washington Department of Commerce announced $57.6 million in loans and grants from the state’s Housing Trust Fund for 42 affordable housing projects in communities throughout the state.

More than $53 million will go to multifamily/rental projects and $4.4 million to homeownership projects.

“These capital investments from our state’s Housing Trust Fund come at a crucial time, helping many Washingtonians who are finding it increasingly difficult to find appropriate and affordable housing in their communities,” said Gov. Jay Inslee.

Statute directs the department to make efforts to award at least 30 percent of its annual Housing Trust Fund competitive allocation to projects in rural areas, which historically have included King County and other urban regions such as Vancouver, Everett and Spokane.

Since 1986, the Washington State Housing Trust Fund has awarded $1 billion in funding and helped build or preserve nearly 48,000 units of affordable housing statewide.

For more information on affordable housing projects, visit the Washington State Department of Commerce online.