Other Funding Options
ARCH works closely with state, local and private funding entities to ensure that local housing proposals are viable and sustainable for the long term. ARCH is an important part of a project’s funding package, and may help attract other competitive funding sources that give greater consideration to proposals with local funding.
Funders listed below have all been ARCH funding partners on local projects. This list will give you with an idea of the wide range of sources that work together to provide the East King County community with affordable housing.
City of Bellevue Housing Stability Program
Through the Housing Stability (formerly HB 1590) program, the city collects a 10th of a percent sales tax to support affordable housing and related services in the community. Specifically, the program provides capital to targeted housing projects that serve the city’s most vulnerable residents, and funding for services that are critical for stable living.
Federal HUD housing assistance program administered by the King County Housing Authority (KCHA). KCHA administers Section 8 programs that directly assist tenants, and project-based vouchers that support housing projects.
Federal Low Income Housing Tax Credit Program
Administered by the Washington State Housing Finance Commission, Low Income Housing Tax Credits are the largest federal subsidy to encourage the production of low-income housing. Housing tax credits offer a reduction in tax liability to investors who agree to provide equity for low-income housing development that remains affordable for up to 40 years. Tax credits are now the primary vehicle for low-income housing construction and rehabilitation in the U.S.
The Washington State Housing Finance Commission partners with the lending community to issue tax exempt bonds. Program enables borrowing at below market interest rates and access to 4% Low Income Housing Tax Credits.
Administered by the Washington State Department of Commerce's Housing Services Division. Grant funding for the development and rehabilitation of rental and homeownership opportunities for people with incomes at 80 percent of median income or less.
Federal Home Loan Bank of Seattle Affordable Housing Program
Grants to financial institutions to invest in housing initiatives serving households with incomes at or below 80 percent of the area median income. Grants can be used to lower the interest rate on a loan; reduce mortgage principal; fund rehabilitation and new construction; and cover down payment and closing costs.
HUD Community Development Block Grants (CDBG)
Administered by King County Housing and Community Development on behalf of the CDBG Consortium. Public housing authorities, nonprofit organizations and local governments are eligible to apply for CDBG funds for projects benefiting low and moderate income households.
King County Housing Finance Program
Funding for affordable housing development administered by King County Housing and Community Development through its Housing Finance Program (HFP). HFP provides capital funds for acquisition, rehabilitation, site improvements, new construction, and other costs related to housing development. Projects are selected through a competitive application process. The HFP includes funds from a range of funding sources, including the local Housing Opportunity Fund (HOF), Regional Affordable Housing Program (RAHP) funds, Vets and Human Services Levy funds, Transit-Oriented Development (TOD) bond funds, as well as the federal HOME program and the County and Small Cities portion of the CDBG entitlement.
Regional Equitable Development Initiative (REDI) Fund
A public-private revolving loan fund administered by Enterprise Community Partners to help finance the acquisition of property along transit corridors to preserve the affordability of future housing and community facilities.
The Land Acquisition Program (LAP) and Expanded Land Acquisition Program (ELAP) provide financing for developers to purchase land at favorable interest rates while assembling long-term financing for construction. The ELAP program is available exclusively in East King County, and may support housing affordable to households earning up to 120% AMI.
United Way of King County Out of the Rain Initiative
Initiative program to aid non-profit organizations support the employment of individuals working to move out of homelessness.
King County HCD Homelessness Assistance & Continuum of Care Planning
Administered by King County Housing and Community Development. Programs include McKinney Supportive Housing, Transitional Housing Operating and Rental Assistance (THOR), and Shelter Plus Care.
Federal Housing Opportunities for People with AIDS (HOPWA)
Administered by the Washington State Office of Community Trade & Economic Development (CTED) Housing Services Division. HOPWA provides grant funds to community organizations to design long-term comprehensive strategies for meeting the housing needs of low-income people disabled by and living with AIDS.
Emergency Shelter Grants Program
Administered by the Washington State Office of Community Trade & Economic Development (CTED) Housing Services Division. Grant funding available to nonprofit organizations, housing authorities, and local governments in non-entitlement communities to help with the operating and repair costs of emergency shelters, to provide case management services and homelessness prevention activities.