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Costs remain high for WA affordable housing projects
Many affordable housing projects in Washington are funded in part by the state’s Housing Trust Fund.
A new report from the Department of Commerce looked at the cost of building more than 1,200 new affordable units with money from the fund last year. It shows project costs dipped but remained up overall statewide.
Many affordable housing developers layer multiple types of funding to get projects built, including the Housing Trust Fund and the federal Low Income Housing Tax Credit. About 81% of projects included in the report had both these types of funding.
The new report included projects that submitted final development cost data to Commerce between July 1, 2022 and June 30, 2023. Other multifamily housing projects not covered in the report received Housing Trust Fund dollars during this time but had not submitted cost certification documents.
https://washingtonstatestandard.com/2024/12/04/costs-remain-high-for-wa-affordable-housing-projects/