The Washington State Housing Finance Commission recently approved $328 million in financing to build or preserve more than 1,800 units of housing.
Among the projects the governor-appointed commission approved over the past several months are two sites in Auburn:
• The Reserve at Auburn, 10th Street Northwest and A Street Northeast (AVS Communities, $47 million tax-exempt note, $18 million estimated tax-credit equity).
• The Villas at Auburn, 14th Street Northwest and A Street Northeast (AVS Communities, $48 million tax-exempt note, $22 million estimated tax-credit equity).
The new buildings, part of one 19-acre parcel, will house families (villas) and seniors (reserve), respectively, in a total of 596 units near the Auburn Transit Center.
“These projects serve a wide range of needs all across the state,” said Karen Miller, chair of the Housing Finance Commission. “We’re pleased to help enhance these communities through housing and facilities.”
The commission finances affordable housing and other community needs by issuing tax-exempt bonds or notes and allocating low-income housing tax credits (LIHTC). Tax-exempt bonds allow developers to borrow at lower interest rates, while the LIHTC allows them to raise capital by selling the credits to investors in return for equity in the project.
