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 homeownership 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 email@example.com or 360-778-8385