Director, Multifamily Housing & Community Facilities Bond Cap Overview Lisa Vatske, Director, Multifamily Housing & Community Facilities July 2019

Units Financed with Bond Cap – Last 10 Years *2019 numbers are anticipated totals

Washington State’s Bond Cap Allocation Per Unit - Last 10 Years

4% Point Categories by Project Scores

Side by side comparison of points taken and available

Low Income Housing Income Targets 2016-18

Bond/Tax Credit Policy Changes Increase Cost Containment Points from 5 to 10 1 point per 2.5% under TDC Limits, up to 25% below the limits Remove the following: Points for Limiting Developer Fee, allow the economics of the deal to drive the budget and the developer fee. Eliminate point-chasing. Project Innovation category 40% AMI option from Additional Low-Income Set-Asides Add Opportunity Zone Investment (1 point) NCSHA’s OZ Fund Directory has funds with approximately $28B of investment

Bond/Tax Credit Policy Updates Update TDC Limits to mirror increases made in the 9% Program Increase points for Extended Use Agreement to max of 15 points for 25 additional years (3 points per 5 years) New Amenities Options: Onsite Daycare Program Lunch Program Coordination with Local School District Electric Car Charger Installation Supportive Services/Community Space with Service Coordinator Clarify and Update requirements for: Bike Storage, Media Room, Business/Learning Center

Additional Policy Changes Energy Points Update Solar Options and remove Solar Thermal, move to kilowatt hours produced/square feet/year. Metric slightly higher than the option currently available for points in ESDS. Changing Energy Efficient Building category options to match ESDS 5.2: Additional Reduction In Energy Use (max 5 points) Transit-Oriented Development updates Urban: 0.5 mile walking distance of transit service (1 point) Rural: 0.5 mile walking distance of bus stop or 5-mile distance of transit options (2 points) Light Rail Station or Park & Ride: 0.5 mile walking distance (3 points) Defining criteria and assessing the deduction of the seller note from the TDC amount on acq/rehab projects. Review requirements related to non-profit definition and points, including option to purchase language and other considerations on re-syndicates requesting regulatory changes.

Director, Multifamily Housing & Community Facilities Thank you! Lisa Vatske Director, Multifamily Housing & Community Facilities Lisa.vatske@wshfc.org