HomeMy WebLinkAboutCAP 2016-07-25 Item 2A - Handout Distributed at Meeting - WA State Housing Finance CommissionHOUSING FINANCE
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The
Washington State Housing Finance
Commission
Place: City of Tukwila
Date: July 25, 2016
Rich Zwicker, Senior Policy Analyst
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Municipal Outreach
WSHFC Programs
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Introduction
What is the WSHFC?
We are a publicly accountable, self - supporting
team, dedicated to increasing housing access and
affordability and to expanding the availability of
quality community services for the people of
Washington.
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WSHFC Programs
• Homeownership:
• Homebuyer Education;
• Competitive mortgage rates;
• Down Payment Assistance;
• EnergySpark.
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WSHFC Programs
• Non - Profit Facilities:
• Available to 501(c)(3) Nonprofits;
• Construction and Rehab of Buildings;
Purchase of Land, Equipment & Bldgs;
Refinancing Current Debt;
• Purchase /Lease of Equipment;
• Development and Feasibility Studies.
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WSHFC Programs
• Farmer /Rancher Program
• Agricultural land (no homes);
• Buildings —new or existing;
• Agricultural improvements;
• Machinery and equipment; and
• Animal stock.
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WSHFC Programs
• Land Acquisition:
• Short Term, Low Interest
Financing;
• Purchase Land for Affordable
Housing.
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WSHFC Programs
• Technical Assistance:
• Data and Policy Assistance;
• Outreach Assistance.
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"Affordable"
Affordable Housing:
What Does that Mean?
Housing is "Affordable" if the family is
paying no more than 30% of their income
for housing costs.
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COMMISSION
Tax Credit Projects
Tax Credit Projects
• The Low Income Housing Tax Credit (LIHTC - often pronounced
"lie-tech", Housing Credit) is a dollar - for - dollar tax credit for
affordable housing investments.
• LIHTC accounts for the majority (approximately 90 %) of all
affordable rental housing created in the United States today.
• The maximum rent that can be charged is based upon the Area
Median Income ( "AMI ").
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COMMISSION
"Affordable"
• o
fCost- Burdened: Paying more than 30%
of income for housing;
• Affordable: Paying 30% of income for
housing.
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Tax Credit Projects
Benefits of Tax Credit Projects:
• Long -term Regulatory Agreements;
• Regularly inspected;
• Preservation Priority.
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Preservation of Affordable
Housing
Preservation of Affordable Housing:
• Housing in danger of becoming
unaffordable;
• Clean, safe, affordable housing;
• Does NOT have to be a previous tax
credit project.
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Tukwila's Options
If I were Tukwila?
• Continue to work with advocacy groups;
• Continue to demand high- standards on
projects;
• Target projects that meet Tukwila's needs;
• Housing Levy.
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Tukwila's Options
So What Can Tukwila do?
• 2017 9% Tax Credit Policies allowing municipal
participation points;
• Contribute funds or waive fees;
• Participate in regulatory agreements
• Take a seat at the advocacy tables;
• Continue to demand a quality project.
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Tukwila's Options
Housing Levy
• Could focus on:
• Preservation
• Homeownership
• Seniors
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Thank You!
WSHFC.org
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Rich Zwicker
Senior Policy Analyst
rich.zwicker @wshfc.org
206 -287 -4480