Spokane’s Multifamily Housing Program seeks applications

Sun., June 5, 2005

The Spokane Association of REALTORS®

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 June 7.

About $845,000 in Federal HOME funds will be available as low-interest deferred loans through the City of Spokane’s Fall 2005 and Spring 2006 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.

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. The last priority is new to the program.

Applications for consideration may be submitted by nonprofit housing organizations, community housing development organizations (CHDOs), social services providers, as well as for-profit developers and building owners.

At least $347, 655 of the available funds must be allocated to CHDOs.

Starting June 7, applications may be obtained from the City’s Web site at www.spokanecity.org or by calling 625-6325; also, interested parties may write via e-mail to msharts@spokanecity.org, or to the City’s Community Development Department, City Hall, 808 W. Spokane Falls Blvd., Room 650.

Completed applications will be accepted until Aug. 2, at 4 p.m.

Applications for the Spring 2006 funding round will be available in December.

Minority and women applicants are encouraged to apply.

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