Private Activity Bond Allocation
Preservation of existing rental housing that has rental assistance contracts with HUD or USDA is vital in order to maintain affordable housing for some of the state’s most vulnerable households. The tax-exempt bond program with the 4% floating credits helps accomplish this purpose. Hillcrest Manor Apartments in Leavenworth is a recent preservation development that rehabilitated 95 senior housing units. The project preserved 89 one bedroom and five two bedroom apartments. This redevelopment ensures that the senior tenants will continue to receive well-maintained, affordable housing at a time when housing options for this population are limited.
How To Apply
The program has an open funding cycle beginning January 1 of each year. Applicants must provide a bond inducement resolution and an application for the PAB allocation. Access the application here.