New financing to create, preserve affordable apartments at Kent community

  • Thursday, December 19, 2019 1:37pm
  • Business

The Washington State Housing Finance Commission has approved more than $331 million in financing that will build or renovate and preserve more than 1,000 apartments affordable to people with lower incomes throughout the state.

Among the housing approved for financing by the commission is Kent’s Legacy Affordable Retirement Communities (LARC), 1001 1st Ave. N. (American Property Development, Inc., $1.5 million estimated tax-exempt bond). This bond issuance closes a gap in financing for the senior apartment complex, which was originally financed by the commission in 2017.

“Each month, the commission approves financing that ensures affordable homes for residents of Washington state,” said Karen Miller, chair of the Housing Finance Commission. “Slowly but surely, we are helping to bridge the housing gap so everyone can have a solid foundation to build their lives from.”

The housing projects are financed by federal housing tax credits, combined with tax-exempt bonds or notes and sometimes taxable bonds. Housing tax credits allows developers to raise capital for apartment construction or rehabilitation by selling the tax credits to investors. In exchange, the investors offset their corporate income taxes and gain equity in the project. This program has helped to create or preserve more than 100,000 affordable apartments in Washington state since 1987.

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