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*ONLY for projects previously financed with tax-exempt debt by the Commission
The Nonprofit Housing Bond Program provides 501(c)(3) organizations that have housing in their mission with access to tax-exempt bond financing.
NEWS AND HIGHLIGHTS
Nonprofit housing bonds can be used to finance housing facilities wholly owned by a 501(c)(3) organization, as long as the facility furthers the charitable purpose of the organization. Nonprofit bonds or 501(c)(3) bonds cannot be combined with Low-Income Housing Tax Credit; however, nonprofit 501(c)(3) bonds are less restrictive regarding the types of units that can be financed as well as facility amenities. Nursing beds can be financed for example as well as amenities like commercial kitchens and laundry facilities, as long as they are serving the needs of the building residents or within the mission of the nonprofit organization.
Applications are accepted at any time.
There is no competitive application process for this program.
The application should be submitted by mail or delivery with appropriate attachments to:
Attn: Nonprofit Housing
Washington State Housing Finance Commission
Attn: Multifamily Housing & Community Facilities Division
1000 Second Avenue, Suite 2700, Seattle, Washington 98104
Nonprofits can use bonds to finance most housing facilities not intended for individual ownership including nursing homes. Bond proceeds can be used for:
Acquisition (including land for future use)
Refinance of existing capital debt
Pre-Development costs, such as architectural, engineering, accounting, legal costs directly related to project can also be included in the above financing activities.
The full range of living options provided by nonprofit organizations can be financed:
Independent living units (apartments)
Assisted living units
CCRCs (continuing care retirement communities)
Group homes / special needs populations
Emergency shelters / facilities for the homeless
Please contact us if you would like to know more about the Nonprofit Housing Bond Program at 206-464-7139 or 800-767-4663 or:
David Clifton, Assistant Director, 206-287-4407, email@example.com
Sharonn Meeks, Finance Associate, 206-287-4404, firstname.lastname@example.org