AIRWAY HEIGHTS, Wash. — The Washington State Department of Commerce (WDC) has awarded nearly $2 million to create and support homeownership opportunities in Spokane County.
The department has invested $24.2 million throughout the state and nearly $2 million was awarded to the city of Airway Heights and Deer Park.
The application was submitted by Habitat for Humanity Spokane for Highland Village and Hope Meadows projects. The new homes will assist low-income households in securing the dream of homeownership via various options.
The options include down payment assistance, self-help new construction, Community Land Trusts and limited equity co-operatives. Homes funded through Commerce may only be sold or resold to households with incomes, adjusted by size, of less than 80% of the area median income, for a minimum of 25 years.
WDC enacted recommendations from diverse groups supporting affordable homeownership in Washington, including members of the Homeownership Disparities Work Group. The group identified the lack of affordable housing and insufficient homebuyer assistance as the two most significant barriers to homeownership.
“A focus on homeownership is important to address the lack of affordable housing throughout Washington,” commerce acting director Kendrick Stewart said. “We are proud to be part of a large community working together to deconstruct historically discriminatory policies and practices that have limited access to the primary avenue for stability and wealth building: homeownership.”
According to the WDC, the projects will create approximately 242 new homeownership opportunities by building new homes, townhomes and expanding down payment assistance.
21 new proposals through the state were awarded the grants, and three existing projects will receive additional funding to cover gaps created by increased costs for materials.
Local governments, housing authorities, non-profitsand federally recognized tribes can apply for homeownership program grants. For more information, visit the WDC website here.
To see the complete list of awarded applicants and projects, click here.
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