2001 Affordable Housing

Sometimes the most important tools KCCHA uses to build affordable
homes have nothing to do with a hammer and nails.

In 2001, The Authority saved 134 units of affordable housing in Port Orchard by using "tools" like tax exempt bonds and housing tax credits.

For almost 20 years, dozens of disabled people, seniors, and families on low or fixed incomes counted on the affordable housing at the Heritage and Viewmont East apartments provided by private owner through a partnership with USDA Rural Development and HUD.

To save this affordable housing, The Housing Authority had to work hard to secure complex financing. The Authority applied for an allocation of

Affordable housing vanishing nationwide
at a rate of 200,000 units per year.

Washington State bond cap, then issued tax-exempt bonds through Bank of America. An allocation of Low Income Housing Tax Credits was secured from the Washington State Housing Finance Commission. KeyBank purchased the tax credits, which provided the funds to rehabilitate the developments. HUD provided project-based Section 8 rental subsidies to ensure that the rents will remain affordable to the tenants.

In 2001, KCCHA saved 134 units of
affordable housing in Port Orchard by
using "tools" like tax exempt bonds
and housing tax credits.

With affordable housing vanishing nationwide at a rate of 200,000 units per year, preserving this housing is just as important as — and more cost effective than — constructing new units. In fact, through the HUD Mark-to-Market program, KCCHA saved 2,000 units of affordable housing on the West Coast in the last two years alone, saving taxpayers hundreds of thousands of dollars.

"To preserve affordable housing, you need willing owners, committed federal and state agencies, flexible bankers and supportive investors, all willing to jump through complex financial hoops," says Port Orchard Mayor Jay Weatherill, who also sits on the KCCHA board.

"But when you think of what you're doing as
preserving part of your community, it all is worthwhile."

2001 Annual Report:

[ 1. Cover ] [ 2. Messages ] [ 3. Mission & Board ] [ 4. Self-Help ] [ 5. 1st Home Buyer Class ] [ 6. Fort Ward ] [ 7. Fort Ward (cont.) ] [ 8. Affordable Housing ] [ 9. Affordable Housing (cont.) ] [ 10. Homework Club ] [ 11. Financial Summary ] [ 12. Contact Information ] [ Annual Reports Home ]

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This is an Equal Opportunity Program.
Discrimination is prohibited by Federal Law.
Complaints of discrimination may be filed with the Administrator, RHCDS, USDA, Washington, DC 20250-0700