Housing Trust Fund accepting applications for multifamily housing preservation

The Housing Preservation Program helps ensure the long-term viability of the existing Housing Trust Fund (HTF) rental portfolio. The Washington State Department of Commerce is soliciting applications for $10 million in funding under the HTF Housing Preservation Program. Applications are due by noon on December 31.

This is a capital funding round for preservation at existing HTF multifamily rental properties. Eligible activities are as follows:

• Capital building improvements (including all substantial above ground structures)
• System replacement or major upgrade (e.g., HVAC, boiler, elevator, electrical, and plumbing)
• Energy efficiency upgrades
• Accessibility retrofits to bring the property into compliance with ADA/FFHA and Washington State Building Code
• Fire sprinklers and fire safety to bring buildings into compliance with fire code
• Other activities that add to the depreciable basis of a building. No more than twenty percent (20%) of the total requested cost of a project shall include materials with a useful life of less than ten (10) years (e.g., appliances, carpet, floor coverings, cabinetry, interior painting, etc.).
• All work related to the proposed preservation project, reimbursable by the Housing Preservation Program, shall be completed by licensed third-party providers
• If funds are used to leverage a refinance or loan restructure, the outcome of those preservation activities must result in substantial capital improvements to the property

Find the Notice of Funding Availability, FAQs, and application materials here.

If you have any questions or need assistance with applying, please review the frequently asked questions or contact the HTF Housing Preservation Program Manager, Angela Snow, at 360-725-2957 or at htfportfoliomgmt@commerce.wa.gov. Technical assistance is available until November 20.