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WASHINGTON STATE'S LOW-INCOME HOUSING SUPPLY RECEIVES $2.53 MILLION ADDITIONAL TAX CREDIT AUTHORITY

WASHINGTON STATE'S LOW-INCOME HOUSING SUPPLY RECEIVES $2.53 MILLION
 ADDITIONAL TAX CREDIT AUTHORITY
 SEATTLE, Sept. 23 /PRNewswire/ -- The Washington State Housing Finance Commission announced it recently received an additional $2.53 million of low-income housing tax credit authority to allocate in 1992. The new amount was awarded from a national pool collected from unused state allocations in the previous year. This is the first time the national pool mechanism has been utilized, and it will result in as many as 450 more low-income units in projects on the 1992 waiting list.
 "We are very pleased to have been chosen a recipient of the additional credits," said Paul Fitzgerald, manager of the commission's tax credit section. "The windfall acknowledges our efficient stewardship of the program and will provide tangible results for our state's low-income residents."
 The allocation increases the total 1992 tax credits available in Washington state to $9,355,911. Washington is one of 20 states to receive additional credit from the national pool. The commission completed its initial 1992 allocation in July when it awarded $6,713,502 in federal low-income housing tax credits for 22 housing projects throughout the state. The dollars generated from the use of tax credits will make possible the construction or rehabilitation of 1,070 units across the state.
 Nonprofit developers played a prominent role in the 1992 tax credit allocation process. Thirteen of the 22 projects are sponsored by nonprofit organizations. Five others are rural projects financed by the Farmers Home Administration. The remainder are being developed by for- profit developers.
 The tax credit program literally puts the "partner with dollars to invest in partnership with developers of low-income housing," said Fitzgerald. Corporations and individuals may claim tax credits for low-income housing. Owners must agree to abide by the low-income use restrictions on the projects for at least 15 years and, in some cases, 30 or more years. This restricted span of time is generally referred to as the compliance period.
 Since 1987, the commission's administration of the tax credit program has generated more than 6,400 full-time jobs worth more than $100 million; and helped create more than 7,200 rental units valued at more than $330 million. The program has benefited low-income tenants while simultaneously benefiting state, county and municipal tax bases. The program fosters public and private partnerships to address Washington's need for more affordable housing to benefit Washington's low-income residents.
 The tax credit program is the only significant federal incentive available to developers for the construction and rehabilitation of affordable housing for low-income residents. The credit provides a dollar-for-dollar reduction of federal tax liability for developers of income-restricted housing. Tax credits can be sold to investors who purchase a partnership interest in a qualifying low-income property. Developers can raise investment dollars to finance part of the cost of building or rehabilitating low-income rental units. In return from receiving an allocation of tax credits, the developer must agree to the minimum requirement for the set-aside of low-income units and must comply with additional requirements of federal law and the commission's Qualified Allocation Plan.
 A complete list of 1992 tax credit allocation reservations follows.
 1992 LOW-INCOME HOUSING TAX CREDIT RESERVATIONS
 PROJECT NAME COUNTY UNITS RESERVATION(A)
 Orchard Hills Apts. Benton 142 $1,011,645
 Chestnut Grove Senior Apts. Grant 26 47,650
 Harbor Shores Apts. Island 32 60,213
 ECR King 15 145,069
 Family Housing Project King 18 144,162
 NP Hotel King 63 543,887
 Summit Apts./Sterling Ct. King 110 935,423
 Union Hotel King 52 315,588
 Wintonia Hotel King 91 550,672
 YWCA Family Village King 20 238,784
 Park Place Lewis 24 47,538
 North Valley Apts. Okanogan 24 47,207
 Raymond House Pacific 30 7,282
 Commonwealth Apts. Pierce 12 69,163
 Hilltop Townhouses Pierce 25 337,796
 Market Square Pierce 35 197,467
 Pacific Crest Apts. Pierce 23 52,191
 Serene Meadows San Juan 20 46,080
 Family Tree Apts. Snohomish 150 842,884
 Bellingham TC Project Whatcom 18 144,199
 Creekside Meadows Whatcom 20 116,318
 Cornerstone Apts. Yakima 120 812,284
 Total Projects: 22 --- 1,070 $6,713,502
 (A) Reservation amounts are subject to change.
 -0- 9/23/92
 /CONTACT: Bob MacKenzie of the Washington State Housing Finance Commission, 206-464-7139 or 800-767-HOME/ CO: Washington State Housing Finance Commission ST: Washington IN: FIN SU:


LM-JH -- SE006 -- 2704 09/23/92 14:09 EDT
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Date:Sep 23, 1992
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