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WASHINGTON STATE HOUSING FINANCE COMMISSION COMPLETES $5.85 MILLION BOND FINANCING FOR RETIREMENT HOME IN BREMERTON

 SEATTLE, Nov. 10 /PRNewswire/ -- A $5.85 million bond financing on behalf of Episcopal Retirement Homes of Western Washington was successfully completed yesterday, according to the Washington State Housing Finance Commission. The proceeds of the bonds will be used to construct a 76-unit independent living facility for senior citizens in Kitsap County. The project is located at 700 Callahan Dr. in Bremerton, Wash.
 "Obtaining tax-exempt financing through the Housing Finance Commission has enabled us to provide quality housing and services for seniors with moderate incomes," said David Steele, executive director of Episcopal Retirement Homes of Western Washington. "We plan to develop additional retirement communities for moderate-income seniors throughout western Washington."
 The bonds were sold to Key Bank in a private placement through a combination of two of the Housing Finance Commission's programs: the Housing for the Elderly program and the Streamlined Tax-Exempt Placement (STEP) program. Housing for the Elderly provides tax-exempt financing to develop the full range of living options for the elderly. The STEP program provides tax-exempt financing for housing owned by nonprofit organizations for low-income or special-needs populations with lower transaction costs and simplified documents.
 The proceeds of the bonds will be used to construct 22 two-bedroom units, 34 one-bedroom plus den units, 14 one-bedroom units and six studio apartments. Ten percent of the units are dedicated to seniors with incomes at 50 percent or less of the local area median income and 10 percent of the units are dedicated to seniors with incomes at 80 percent of median income. The dwellings are designed for elderly residents and support services for tenants will be available.
 Washington state has one of the fastest-growing elderly populations in the nation, according to the 1989-90 Housing Needs Study.
 "Affordable housing for senior citizens is a serious need in this state," said Skip Chilberg, chair of the Washington State Housing Finance Commission. "Since 1989, the commission has targeted housing for the elderly as a top priority. It has become a major part of our financing efforts. We are committed to increasing the affordable options for senior citizens across the state."
 The Washington State Housing Finance Commission provides below-market financing to buy, build or preserve affordable housing and nonprofit cultural and social service facilities. The commission builds partnerships with the private sector to raise capital needed to further these social and economic objectives at no cost to the taxpayers of Washington state.
 -0- 11/10/93
 /CONTACT: Rhonda R. Rosenberg, public information officer, or Sallie Sweet, multifamily division director, of the Washington State Housing Finance Commission, 206-464-7139/


CO: Washington State Housing Finance Commission; Episcopal Retirement
 Homes of Western Washington ST: Washington IN: SU: FNC


RB-IC -- SE017 -- 2997 11/10/93 18:46 EST
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Publication:PR Newswire
Date:Nov 10, 1993
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