Washington state homeowners can access grant programs to assist with repairs.
According to the Washington State Housing Finance Commission, Washington state homeowners needing assistance with home financing may take advantage of an array of programs offered through organizations, foundations and government entities. The programs help homeowners by driving down the cost of mortgage payments, lowering utility bills by assisting with energy-efficient rehabilitation, and rewarding investment in low-income housing.
Affordable Housing Program (AHP)
The Federal Home Loan Bank of Seattle finances an Affordable Housing Program with 10 percent of the bank's yearly net income. The program provides funding for families who own homes and earn no more than 80 percent of the area's median income. The grant can be used to lower the interest rate on outstanding loans, reduce the loan's principal amount or pay for the down payment and closing costs on a home purchase. Since 1990, this program has invested more than $141 million in over 27 thousand houses.
Federal Home Loan Bank of Seattle
1501 4th Ave., Suite 1800
Seattle, WA 98101
800-973-6223
fhlbsea.com
Rural Housing Repair and Rehabilitation Loan Grant
The U.S. Department of Agriculture's division Rural Development offers a Rural Housing Report and Rehabilitation Loan Grant to senior citizen homeowners who live in the rural parts of Washington state. The grant is provided to those who are capable of qualifying for a Rural Housing Repair and Rehabilitation Loan but are not able to pay the loan off. This grant can be used for repairing a home and provides financing for up to $7,500.
USDA Rural Development
1835 Black Lake Blvd. SW, Suite B
Olympia, WA 98512-5715
360-704-7740
rurdev.usda.gov/wa/
King County Built Green Incentive
The King County Build Green Incentive provides King County, Washington, homeowners with funding to remodel their homes provided the remodel incorporates innovative green concepts. Applicants are eligible for up to $20,000 of funding.
Master Builders Association of King and Snohomish Counties
335 116th Ave. SE
Bellevue, WA 98004
425-460-8238
builtgreen.net
Mortgage Credit Certificate (MCC)
Mortgage credit certificates are tax credits given to homeowners to assist them in paying their mortgages. Washington state residents can apply for these tax credits at a network of participating Washington state banks. A list of the participants is available on the website of the Washington State Housing Finance Commission.
Washington State Housing Finance Commission
1000 Second Ave., Suite 2700
Seattle, WA 98104
206-464-7139
wshfc.org
Low-Income Housing Tax Credit Program (LIHTC)
The Washington State House Finance Commission allocates federal tax credits once a year to Washington state residents who are willing to invest in low-income homes. The amount of the tax credit will vary based on the specifics of the project but is limited to the amount of invested funds necessary for the project to be both feasible and viable during a 10-year time frame.
Washington State Housing Finance Commission
1000 Second Ave., Suite 2700
Seattle, WA 98104
206-464-7139
wshfc.org
Tags: Finance Commission, Housing Finance, Housing Finance Commission, State Housing, State Housing Finance, Washington State Housing, King County
