Acquisition and Opportunity Loans

These loans from the Housing Levy are intended as short-term funding to permit strategic acquisition of sites for low-income housing development. These loans are expected to be repaid with permanent project financing and are intended to facilitate development of rental or home​ownership housing consistent with the objectives and priorities of the Housing Levy and Consolidated Plan.

The City will give priority to projects that meet the following criteria:

  • The applicant demonstrates that the project takes advantage of a low acquisition cost, and that short-term acquisition financing is critical to achieving cost savings, and/or
  • The project leverages or demonstrates a high likelihood of leveraging significant funding for housing development, operations, and/or services, or project-related infrastructure investments, which may be lost without the availability of short-term acquisition financing.

In addition, the program will give preference to:

  • Projects that produce or preserve low-income housing located in a high-frequency transit service area, and/or
  • Projects that develop affordable housing through acquisition and rehabilitation of existing buildings.

Notice of Funding Availability

The City may make available approximately $2 million for these loans. Applicants should contact staff to discuss application process and requirements.

Applications will be accepted until all funds have been allocated. 



Samya Lutz at or 360-778-8385

Planning and Community Development

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