Commerce, Gov. Ferguson announce $212 million in funding for affordable housing statewide

The following press release from Tuesday (8/5) from the State of Washington Department of Commerce provides information and guidance on capital funding opportunites available to our development community:

Governor Bob Ferguson and the state Department of Commerce today announced applications are open for $212.4 million in affordable multifamily rental housing funding. This investment will help close the gap in needed units in every community statewide.

Commerce’s Multifamily Housing Unit administers funding for capital housing projects. It has two open funding opportunities for developers planning affordable housing projects, with funding sources including the Washington State Housing Trust Fund (HTF), Apple Health and Homes (AHAH), Intellectual and Developmental Disabilities program, and the federal HOME and National Housing Trust Fund (NHTF) programs.

“Every Washingtonian deserves an affordable place to live,” Governor Bob Ferguson said. “Washington needs more affordable housing — a lot more. This past session, we made more state investments in affordable housing than ever before. These investments will serve our most vulnerable residents and improve affordable housing statewide.”

“Affordable rental housing is one of the smartest investments we can make in our state’s future,” said Commerce Director Joe Nguyen. “When we invest in housing that people can actually afford, we’re strengthening entire communities, supporting local economies and creating a better future for everyone.”

Since 1986, the state’s Housing Trust Fund has invested more than $1 billion in capital funding and helped build or preserve more than 60,000 units of affordable housing statewide. It’s significant, but more is needed: Commerce research shows that the state needs more than a million new homes in the next 20 years to meet need and anticipated growth, and more than half of those must be affordable to people earning less than 50% of the median family income.

The two open funding opportunities are:

• HTF Multifamily Housing NOFA #MHU-2025-01: Multifamily rental affordable housing projects funded by the state Housing Trust Fund (HTF), Apple Health and Homes (AHAH), and Intellectual and Developmental Disabilities (IDD) programs.

• HOME and NHTF NOFA #MHU-2025-02: Multifamily rental affordable housing projects funded by federal HOME and National Housing Trust Fund programs to further the goals articulated in Washington state's 2025-2029 Consolidated Plan (CONPLAN).

Both applications close Oct. 16.