SEATTLE: A key financial tool for building affordable housing would be eliminated if the House Republicans’ tax-reform plan, released yesterday, becomes law.
Without private-activity bonds, 2,088 affordable apartments currently planned by developers across the state would not be built in the next two years.
“We are gravely concerned because these developments would allow more than 4,000 people in Washington move into decent, affordable housing that is so desperately needed in our state,” said Karen Miller, chair of the Washington State Housing Finance Commission.
The 2,088 apartments are part of applications received last week by the Housing Finance Commission for approximately $295 million in tax-exempt multifamily private-activity bonds. For-profit and non-profit housing developers have applied to build 12 properties in Snohomish, King, Clark, Pierce, Whitman and Spokane counties, reaching almost every corner of the state. “