Multifamily Housing Unit Newsletter – March 2024, Issue #3
Team spotlight: Contracts Fiscal
Every month, we highlight the work of a team within the Multifamily Housing Unit (MHU). This month, we’re proud to spotlight the Contracts Fiscal team: Manager Taylor Burton, Nathan Hayes, Michael Miranda, Leilani Hesser, Beau Hamilton, and Cam Ho.
2023 was an exciting and busy year for the Contracts Fiscal Team in the MHU. Contracts Fiscal received a near record-breaking amount of projects, a new supervisor, and a slew of updates to contract language and statutes.
The Contracts Fiscal Team is a team that works on nearly every project or activity undertaken by the unit. The Contracts Team drafts and executes State and Federal Contracts for funding affordable housing projects, as well as the security and legal documents tied to these contracts. The Contracts Team’s work with the Portfolio Management team includes contract amendments and minor scopes of work for all projects in the portfolio of over 1,600 properties.
In 2023, Contracts Fiscal received a total of 195 project submissions. New contracts accounted for 112 projects, while amendments totaled 83 projects. Of all of the projects that were submitted throughout 2023, Contracts Fiscal executed 106 new contracts and 51 amendments. 5 projects were withdrawn, and the remaining projects submitted in 2023 are pending execution in 2024. The Contracts Fiscal Team took the number of projects we received in stride and each team member was a major contributor to the work the MHU accomplished.
Some notable projects that Contract Fiscal team worked on throughout 2023 are:
- Denny Apartments-YWCA of Seattle-King County-Snohomish County- This project was a Rapid Capital acquisition of a PSH project consisting of 91 units of affordable housing with a total award of $20,000,000.
- Pacific Apartments- Rehabilitation of 87 affordable units in Seattle. The re-syndication of units was a complicated process that involved nearly all hands-on deck.
- Josephinum Apartments- Archdiocesan Housing Authority- Catholic Housing Services of Western Washington- This project was one of the largest unit counts of 2023, with the acquisition of 222 affordable housing units!
Affordable Housing Advisory Board and reimagining of the Policy Advisory Team
Commerce accepted public input on the proposal for a Reimagining of the Policy Advisory Team (including a Community-Based Housing Advisory Committee) that was released on Dec. 1, 2023. You can read the summary of the survey results and comments provided in Box.
Commerce met with stakeholders, reviewed this information, and provided a programmatic response indicating the path forward for the newly named Community Advisory Team.
The amended bylaw language, details of the CAT formation plan, and a message from the AHAB and PAT Chairs can be accessed in the AHAB Materials Box.
There will be a public forum to discuss the next steps in implementing a Community Advisory Team. You will receive an email with instructions on joining the meeting after registration.
- March 5, 1 p.m. – Register (Zoom)
Registration is now open for the next AHAB meeting. After this discussion, the plan will be presented to the Governor’s Affordable Housing Advisory Board (AHAB).
- March 12, 1 p.m. – Register (Zoom)
Housing Portfolio Preservation (HPP) applications received
The Washington State Department of Commerce is committed to building communities by preserving affordable multifamily housing in our state. Commerce made $20 million in state funds to projects already in the Housing Trust Fund portfolio and need of funding to extend their useful life via the Notice of Funding Availability (NOFA) #MHU-2023-04.
Commerce received 72 applications, requesting $55.2 million in funding. Review the list of applications received on Box (PDF). Final funding decisions and awards are expected in March 2024.
These projects provide critical housing to some of Washington’s most vulnerable populations. Preservation of existing affordable housing is a critical part of the Multifamily Housing Unit’s vision to make conditions in our state for affordable housing residents the best in the nation, addressing the affordable housing crisis and reducing homelessness in permanent and sustainable ways.
Handbook update ongoing
Throughout 2024, the Housing Trust Fund will be providing multiple opportunities to get oriented to and provide input on the updates to the HTF Handbook, as we engage in a multi-part chapter-by-chapter public review process.
Registration is now open for the second public review meeting at the end of the month. You will receive an email with instructions on joining the meeting after registration.
- March 26, 1 – 2:30 p.m. – Register (Zoom)
Chapters 2 and 3 will be released via email and published online before the meeting. You can always find the latest information on the HTF Handbook review process on the Resources & Trainings page of the Housing Trust Fund Website.