Homeownership Projects in Washington

The Washington State Department of Commerce is offering a grant program for affordable housing projects in its 2024 funding cycle, specifically targeting Homeownership projects. This Notice of Funding Availability and Solicitation (NOFA) aims to increase the affordable housing stock in Washington State by supporting applicants who create affordable housing units or undertake related activities. While the prompt asks for "foundation mission alignment" and "foundation's strategic priorities and theory of change," the provided information is from a government department, not a foundation. Therefore, I will align with the department's implicit mission of increasing affordable housing and its strategic approach to achieve this. The target beneficiaries of this grant are individuals and families seeking affordable homeownership in Washington State. The impact goals are to increase the availability of affordable housing stock and support various pathways to homeownership. The program prioritizes new construction projects, down payment assistance (DPA), and affordability subsidies. The Department of Commerce aims to facilitate the distribution of funds across the state by grouping projects into three geographic categories: Rural, King County, and Urban (not King County), with 30% of funds allocated to rural areas, demonstrating a strategic focus on equitable access across different regions. The grant program focuses on several key areas for applications, including down payment assistance, revolving loan funds (RLF), self-help projects, short-term production loans, and affordability subsidies for long-term or permanent affordable resale restricted programs like Community Land Trusts. This broad approach allows for diverse project types that contribute to affordable homeownership. The expected outcomes include a measurable increase in affordable housing units and greater access to homeownership opportunities for residents of Washington State. The measurable results will be tracked by the number of new affordable housing units created and the number of individuals or families assisted through various program types. The maximum award per homeownership project is $4 million for new construction and $2 million for DPA and affordability subsidies, indicating a significant investment in achieving these outcomes. The department's theory of change appears to be that by providing financial assistance and supporting various models of affordable homeownership, they can directly address the housing affordability crisis and increase the overall supply of affordable homes, thereby improving economic stability and community well-being across the state.