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501(c)(3) Nonprofit Housing Bonds 

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

Best Repositioning 2016: Taking Independent Living to New Heights 
Senior Housing News 03/28/2017
Bonds for the expansion of Rockwood’s 11 story Summit at South Hill were issued in the beginning in 2014 and included refunding bonds for the existing campuses of South Hill and Hawthorne, also located in Spokane. Rookwood has been in business since the 1960s, employs 300 and serves about 500 seniors daily.

Nonprofit HousingOVERVIEW

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.

RESOURCES

Information for bond lenders

What your lender will want to know (PDF)

Nonprofit Guide to Complying with Tax Laws After the Bond Issue (PDF)

List of Eligible Underwriters (PDF)

Program Costs

APPLICATION

Nonprofit Housing Bond Program Application

ELIGIBLE ACTIVITIES

Nonprofits can use bonds to finance most housing facilities not intended for individual ownership including nursing homes. Proceeds can be used for:

Construction

Acquisition (including land for future use)

Rehabilitation

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.

ELIGIBLE FACILITIES

The full range of living options provided by nonprofit organizations can be financed:

Independent living units (apartments)

Assisted living units

Nursing beds

CCRCs (continuing care retirement communities)

Group homes / special needs populations

Emergency shelters / facilities for the homeless

PROGRAM COSTS

Bond issuance cost and program fees

CONTACT US

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, david.clifton@wshfc.org

Sharonn Meeks, Finance Associate, 206-287-4404, sharonn.meeks@wshfc.org

       

 
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