City offers funding for low-income housing

The City of Spokane’s Multifamily Housing Program announces that applications for funding for the acquisition, rehabilitation and new construction of rental housing affordable to low-income households will be available starting Monday, Dec. 19.

About $280,000 in Federal HOME funds will be available as low-interest deferred loans through the City’s Spring 2006 program. Funds may be used for the rehabilitation, acquisition or 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.

Projects should meet at least one of the program priorities: housing affordable to households earning 30 percent or less of the area median income ($16,400 for a family of four); units with three or more bedrooms that are affordable to households earning 50 percent or less of the area median income ($27,300 for a family of four); or units with one or more bedrooms in areas designated as Centers and Corridors in the City’s Comprehensive Land Use Plan and affordable to households earning 50 percent or less of the area median income.

Applications for funding consideration may be submitted by nonprofit housing organizations, community housing development organizations, social services providers, and for-profit developers and building owners.

Starting Dec. 19, applications may be obtained from the City’s Web site at www.spokanecity.org, by calling 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.

Completed applications will be accepted until Tuesday, Feb. 7, at 4 p.m. Contact Melora Sharts at (509) 625-6325 for questions regarding the application. Minority and women applicants are encouraged to apply.