The Washington State Housing Finance Commission has launched a new partnership with Pierce County and Bremerton to provide down payment assistance to home buyers.
In June and July, the commission approved start-up investments to launch two new down payment assistance programs, according to a press release from the commission. Both programs offer second mortgages at low interest rates, deferred for 30 years, to provide up to $20,000 for home-buyers’ down payment and closing costs.
Qualified borrowers purchasing within Bremerton city limits, or in Pierce County (outside Tacoma, Lakewood and Bonney Lake) can use one of the programs. The commission already has a similar partnership with the city of Tacoma for borrowers purchasing within the city, according to the release.
Additionally, among the apartment properties the commission approved by issuing bonds and allocating Low-Income Housing Tax Credits is the preservation of three properties in Port Townsend, Bremerton and Olympia.
The properties are: Marine Plaza, 619 Clay Street, Port Townsend; Marion Court, 3504 Marion Court, Bremerton; and The Olympian, 519 Washington Street SE, Olympia.
“Through this combined financing of bonds and tax credits, 125 senior apartments over three communities (will) be fully renovated and have their affordability preserved for several decades,” the release states.
The Low-Income Housing Tax Credit allows affordable-housing developers to raise capital for new buildings and renovations by selling the credits to investors. (The dollar amount is the estimated tax credit equity over ten years.)