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Bond/Tax Credit Program
Multifamily Housing Bonds with 4% Low-Income Housing Tax Credit provide developers with access to bond and tax credit financing for affordable housing.
Note: We are NOT accepting Bond applications at this time, however, if you are incurring costs and plan to apply in a future round, you may request an Official Intent Declaration. See the application link in the “Official Intent Declaration” paragraph below.
NEWS AND HIGHLIGHTS
First Round Bond 2017 Allocation List (PDF) 01/05/2017
2017 Bond Round Announcement (PDF) 09/09/2016
Questions? Please contact us at email@example.com.
If more than 50% of a project is financed with tax-exempt Multifamily Bonds, the project may access the 4% Low Income Housing Tax Credit (LIHTC) without competing for an allocation of the 4% Tax Credit. However, during years when anticipated demand for Multifamily Bonds is expected to exceed availability, there will be competition for the bonds through an announced Bond Round. If such a Round is in effect. It will be noted on this page.
Using bonds with tax credits allows developers to combine low interest
rates on long term debt with a substantial equity contribution from an
allocation of LIHTC. While LIHTC cannot be used with 501(c)(3) bonds,
nonprofit developers can access LIHTC by forming a partnership with a
for-profit tax credit investor and applying for Multifamily Bonds.
APPLICATION SCHEDULE: Projects Financed with Commission-Issued Bonds
Official Intent Declaration: In order for a developer to be reimbursed for expenses with bond proceeds, the Commission must issue a Official Intent Declaration (OID) to reimburse expenditures. The date the OID is signed by the Commission marks the period (60 days prior to the OID date) from which eligible costs may be reimbursed from the proceeds of tax-exempt bonds. If an applicant needs an OID prior to the submission of an application, the applicant should submit an OID Request Form (Excel) as soon as the sponsor intends to seek financing with Commission-issued bonds.
APPLICATION SCHEDULE: Projects Financed with Bond Issuer Other than the Commission
Applications for Bond/Tax Credit Program projects where the Commission is not the issuer of the bonds should be submitted 60 days prior to the date the 42(m) letter is needed.
If you have questions about the LIHTC Program or need assistance with the application, please call us at 206-464-7139 or 800-767-4663 in WA or email AskUsMHCF@wshfc.org.