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Mercy Housing Northwest says rising insurance, nonpayment and land costs threaten affordable portfolio
Summary
Mercy Housing Northwest President Joe Thompson told the Senate committee the organization faces large capital needs in an aging portfolio, rising operating costs and tenant nonpayment; he urged increased and more flexible Housing Trust Fund funding and changes to per-project funding limits to support both preservation and new construction.
Joe Thompson, president of Mercy Housing Northwest, told the Senate committee he has spent 37 years working in affordable housing and described operations and development challenges that threaten the nonprofit's ability to deliver and maintain subsidized homes.
"During those 37 years, I've never seen a greater need for affordable housing than today," Thompson said. He described an aging portfolio—about 60 percent of Mercy's Washington properties are more than 20 years old—and estimated roughly $15,000,000 in outstanding capital needs across that portfolio.
Thompson told senators that nonpayment of rent remains high following the pandemic and that Mercy is carrying more than $1,100,000 in tenant rent…
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