Community Affairs:
Article Archive > Washington
A Growing Loan Pool in Washington State
In 1990, a group of 19 Washington state financial institutions joined together to create a revolving, shared-risk loan pool to provide a renewable source of permanent financing for multifamily affordable housing, as well as to reduce the underwriting and administrative costs for this complex financing.
In 1992, this shared-risk loan pool began operation as the Washington Community Reinvestment Association (WCRA). Today, membership has grown to 46 financial institutions, and the original loan pool has been expanded into three lending pools, raising WCRA's lending capacity to $105 million.
Since 1992, the WCRA has funded and committed to $199 million in loans representing nearly 8,000 units of affordable housing and nearly 30,000 square feet of economic development projects throughout the state of Washington.
WCRA provides multifamily permanent loans, special needs financing, assisted living financing, and economic development loans. It also makes available tax-exempt bond financing for affordable housing and economic development. Investor banks have also provided construction and bridge financing for WCRA-funded projects.
For more information, contact Susan M. Duren, WCRA, at (800) 788-6508 or visit the Web site.
Low Income Housing Institute’s Community Development Lending Opportunities
The Low Income Housing Institute (LIHI) was created in 1991 to develop and manage low-income housing throughout the Puget Sound region of Washington. In 1994, the Fremont Public Association of Seattle merged its housing development with the institute, creating one of the largest and most active low-income housing organizations in Washington. Working with 35 private and public funding partners, the institute raised more than $260 million in capital, which has supported the development of more than 3,000 units of housing for low-income families. Currently, the institute owns or manages 48 properties containing more than 1,600 housing units for low-income families, individuals, seniors, people with disabilities, and women and children at risk. The institute’s support services provide case management, financial literacy, technology training, referral services, and youth programs to help its residents achieve stability and security in their lives.
The institute is currently developing 13 new projects that will provide nearly 450 housing units and community services for low-income families. The institute periodically seeks private and public funding in the form of loans and grants to support its housing projects.
For additional information, call Sharon Lee, the organization’s director, at (206) 443-9935 or visit LIHI.
[Published in News from the Districts, Community Developments, Spring 2008]
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