Created in 1986, the Low Income Housing Tax Credit (LIHTC) program was created to fuel the growth of affordable housing throughout the nation, by offering tax credits to multi-family developers that build affordable housing apartment building projects. To build LIHTC multi-family housing in Bellingham, developers typically partner with the Bellingham Housing Authority.
LIHTC Apartment Buildings in Bellingham
LIHTC (Low Income Housing Tax Credit) Program
How does the Low Income Housing Tax Credit (LIHTC) program work? The main objective of the program is to create affordable housing for low income US residents. The LIHTC program is not intended for providing US low income families with housing subsidies. The program encourages the local multi-family developers to build apartment buildings for low income people. On the other hand, the government provides developers, who participate in the LIHTC program, with tax credits, which can be used or sold on a secondary market.
In some cases, US low income families qualified for the LIHTC program can also get additional sources of financing from federal and state funding. It’s clear that the Low Income Housing Tax Credit program is beneficial both for the developers and low income families in Bellingham, WA.
The Bellingham Housing Authority
The Bellingham Housing Authority is the organization that takes responsibility for affordable housing in Whatcom County. The organization is financially supported by the low income Housing Tax Credit (LIHTC) and Tax-Exempt Bonds. The Bellingham Housing Authority owns a number of affordable housing properties in the city of Bellingham. BHA’s properties are managed by Indigo Real Estate Services. The Bellingham Housing Authority is the organization that gives the US low income families a great opportunity to rent apartments below market rate. The Bellingham Housing Authority and the Port of Bellingham are part of a small handful of public entities that own commercial real estate in Bellingham WA.
LIHTC Apartment Buildings in Bellingham WA
It’s important to know that the Bellingham Housing Authority manages two LIHTC apartment buildings in the City of Bellingham. The Birchwood Manor Apartments as well as the Catherine May Apartments are two examples of LIHTC multi-family projects in Bellingham.
The Birchwood Manor Apartments were built in 1984 and feature 38 one bedroom units that are all 533 square feet. The apartments are for elderly and disabled tenants and are located near the bus lines and other city services.
Catherine May Apartments is the other affordable rental housing community that was built for seniors and people with disabilities. This building also consists of 1 bedroom units. Only the US low income families that has at least one family member who is 62 years old or older can apply for the LIHTC program and get affordable housing at these apartment buildings.
There are two other LIHTC apartment buildings available in Whatcom County; Everson Meadows and Sumas Square. It’s worth noting that these two properties are supported by two organizations, the Whatcom County Housing Authority and US Department of Agriculture Rural Development. Low income families, who want to apply for the LIHTC program and get affordable housing at one of these apartment buildings, have to meet the USDA-RD farm worker requirements. Additionally, a family has to have at least one member who is 62 years old or older.