Washington Housing Finance Commission

The commission held a multi-day budget and planning session alongside a business meeting to review organizational updates and bond resolutions. Key agenda items included the approval of tax-exempt and taxable revenue obligations for various housing facilities, such as Teanaway Court, Harbor Pines, Riverview Retirement Community, and Heron's Key. The commission also discussed proposed preservation pilot policies for the bond and low-income housing tax credit program, transferred reserve funds to HomeSight for community development, and received updates on department activities and commission performance, including a recently issued bond rating.

The board meeting included employee recognition awards for years of service and quarterly achievement. Public hearings were conducted for several housing projects, including Heron's Key and Silver Creek by Vintage, as well as a presentation on proposed Preservation Pilot Policies for the Bond/4% LIHTC Program. The Commission approved bond resolutions for Wesley Homes Des Moines and The Summit at First Hill, along with a request to increase tax credit allocation for the Lewis, Spruce, and Sixth project. Additionally, the Board authorized a $5 million investment from the Program-Related Investments reserves to HomeSight. The Executive Director provided updates on department activities, including a new bond rating, the Governor's Housing Task Force, and legislative implementation.

The meeting focused on policy discussions regarding the 9% tax credit program. Key topics included revisions to affordability targets and point structures, updates to priority population definitions, and changes to scoring methodologies for Job Centers and Transit Oriented Development. The session also covered energy efficiency compliance standards and the introduction of potential new policies for additional use periods. Participants were invited to volunteer for further testing of the proposed policy changes to assess their impact and feasibility.

The Commission held a special meeting to conduct public hearings regarding the issuance of revenue obligations for various housing projects, including Heron's Key, Silver Creek by Vintage, and Wesley Homes Des Moines Phase V. Action items included resolutions for the issuance of obligations for Teanaway Court, Wesley Homes Des Moines Phase V, The Summit at First Hill, and Bertschi School. The board also addressed the tax credit program allocation for Lewis Spruce and Sixth, a transfer of program reserves to HomeSight, and the extension of the Ruby Portfolio PRI loan. Additionally, the meeting featured a presentation on proposed preservation pilot policies for the Bond/Tax Credit Program, as well as informational reports on Department of Commerce activities and the Executive Director's update.

The public hearing was held to discuss a proposed plan of financing for the issuance of tax-exempt and/or taxable revenue obligations for the Riverview Retirement Community. The proceeds are intended to finance the demolition of existing facilities and the construction of 113 new independent living units, improvements to administrative spaces, the refunding of existing commission bonds, the refinancing of a loan for a memory care facility, and the coverage of costs related to debt service, working capital, and issuance expenses.