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Bond/Tax Credit Program

Multifamily Housing Bonds with 4% Low Income Housing Tax Credit provide access to bond and tax credit financing for affordable housing developers.

NEWS AND HIGHLIGHTS

New! Bond/Tax Credit Application Updated 5/12/2021

Materials from 2022 Bond Policy Discussion Groups 4/27/2021

Final proposed changes for the July Bond Round 4/14/2021

3/11/2021 Bond Stakeholder Meeting Presentation 3/12/2021

2021 Bond/Tax Credit (4%) Policy 3/12/2021

January 2021 Bond Allocation
For our January 2021 bond allocation round, we received applications totaling almost $1 billion in private-activity bond cap, about four times the amount of our $230 million allocation. In order to commit financing to more projects, we are reserving bond cap from our expected June 2021 allocation. This will result in 13 housing projects being funded, including three in the City of Seattle. 2021 Bond Allocation List February 2021 2/24/2021

Questions? Please contact us at askusmhcf@wshfc.orgTo be placed on our notification list, please send your name, organization, and email address to AskUsMHCF@wshfc.org with the Subject Line, "Notification List".

OVERVIEW

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.

What your lender will want to know (PDF)

Report on LIHTC Allocation and Activity in Washington State (PDF)

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.

QUESTIONS

If you have questions about the Bond/Tax Credit 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.

     

 
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