The WCRA provides permanent loans on affordable rental housing, special needs projects and economic revitalization properties. The loans made are required to carry a regulatory agreement that assures the property will remain in the approved use for the life of the WCRA loan.
The loans made by the WCRA must provide safe, decent and affordable housing as a result of rental concessions not a depressed rental market or general property condition. A regulatory agreement from the Washington State Housing Finance Commission, the Washington State Office of Community Development, HUD, USDA-RD and/or local municipalities will be required.
For multi-family properties we require a minimum of 5 units and all units that are 3 bedrooms or larger must contain at least 1.75 bathrooms.
- If you have questions regarding servicing of a WCRA loan please contact Angel Ratliff at 206-622-5958.