HFC awards $3 million bond to CRISTA for its retirement communities

The Washington State Housing Finance Commission recently approved $48.5 million in financing for new affordable apartments and renovations to existing ones in Puget Sound and Spokane.

The Commission finances affordable housing and nonprofit housing by issuing tax-exempt bonds or notes and allocating Low-Income Housing Tax Credits.

Tax-exempt bonds allow developers to borrow at lower interest rates to create or renovate affordable housing, while the Low-Income Housing Tax Credit allows them to raise capital by selling the credits to investors. (The dollar amount is the estimated tax credit equity over ten years.)

In Shoreline a $3 million tax-tempt bond was awarded to CRISTA Ministries for their facilities in Shoreline and Silverdale.

Two CRISTA continuing-care retirement communities, totaling 664 units, will be rehabilitated. These nonprofit senior facilities collectively include 385 independent living units, 127 assisted living units, and 152 skilled nursing units.

Other nearby projects included Edmonds Community College Student Housing, 68th Ave W and 200th St SW in Lynnwood, and Mountlake Senior Living, 5525 244th St SW in Mountlake Terrace.