Applications available June 1 for city’s low-income housing funding

Sun., May 30, 2004

The Spokane Association of REALTORS®

The City of Spokane’s Multifamily Housing Program has announced that applications for funding for the acquisition, rehabilitation and new construction of rental housing affordable to low-income households will be available Tuesday, June 1.

Approximately $1 million in federal HOME funds will be available as low-interest deferred loans through the City of Spokane’s Fall 2004 and Spring 2005 programs. Funds may be used for the rehabilitation, acquisition or new construction of rental housing that is affordable to low-income households. The City’s funds should supplement financing from other sources. Rent restrictions apply and units must be rented to low-income households. Under certain circumstances, loans have provisions for debt forgiveness.

Applications for funding consideration may be submitted by nonprofit housing organizations, community housing development organizations (CHDOs), social services providers, and for-profit developers and building owners. At least $263,682 of the available funds must be allocated to CHDOs.

Starting June 1, applications may be obtained from the City’s website at www.spokanecity.org, by calling (509) 625-6325, via e-mail to msharts@spokanecity.org or from the City’s Community Development Department: City Hall, 808 W. Spokane Falls Blvd., Room 650.

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