$2.5M in aid to help build affordable housing

The Vancouver Housing Authority will be able to build 72 units of housing that’s affordable to local working families, thanks to a $2,516,147 grant from the Washington State Housing Finance Commission.

It was part of nearly $25 million in Washington Works grants announced Wednesday. Ten nonprofit-owned multifamily projects in Washington state will receive funding assistance to provide what’s known as work force housing.

The funds were authorized by the Washington Legislature this year to help jump-start construction and increase the availability of affordable housing for working families. The properties are expected to remain in nonprofit ownership and will have rental restrictions for 75 years.

Twenty organizations applied for the funding. Nonprofit organizations had to agree to offer work force housing, show an ability to complete the financing and begin construction within the next six months.

A total of 586 units statewide will be paid for through these funds — 472 brand new and 114 existing units that will be rehabilitated. Approximately 600 full-time jobs are estimated to be created by the construction. The public funding will leverage $83 million in total development costs. The average cost per unit is $141,000.

In addition to the 72 units in Clark County, there will also be 127 units in King County, 256 units in Spokane County, 24 in Grant County, 39 in Lewis County, 40 in Thurston County and 28 in Whitman County.