For the Reporter

The Washington State Housing Finance Commission has approved financing for The Estates at Hillside Gardens, a new 127-unit apartment building for seniors, at 1919 Howard Road.

Financing comes from a $15.4 million tax exempt bond with $5.6 million tax-credit equity.

The commission finances affordable housing by issuing tax-exempt bonds or notes and allocating low-income housing tax credits. Tax-exempt bonds allow developers to borrow at lower interest rates, while the tax credit allows them to raise capital by selling the credits to investors.

Hundreds of apartments for families, seniors and others throughout the state will be renovated and have their affordability preserved thanks to $196 million in financing recently approved by the commission. Another 526 apartments for seniors and the homeless will be built.

“Not only are bonds and tax credits an indispensable tool for creating affordable housing, they are also important in preserving it,” said Karen Miller, chair of the Housing Finance Commission. “We are pleased to approve financing for this mix of brand-new construction and rehabilitated properties.”