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Clark County Council signals support to bridge funding gap for Weaver Creek Commons affordable housing project
Summary
The Clark County Council on July 23 heard a briefing from the Vancouver Housing Authority about Weaver Creek Commons, a 100-unit affordable housing development planned for Battle Ground, and directed staff to pursue a financing plan that would combine $1 million currently available from the county's 14-06 affordable housing remittance with a multiyear pledge of future 14-06 receipts to close a roughly $5.5 million gap.
The Clark County Council on July 23 heard a briefing from the Vancouver Housing Authority about Weaver Creek Commons, a 100-unit affordable housing development planned for Battle Ground, and directed staff to pursue a financing plan that would combine $1 million currently available from the county's 14-06 affordable housing remittance with a multiyear pledge of future 14-06 receipts to close a roughly $5.5 million gap.
Vancouver Housing Authority CEO Andy Silver told the council the Weaver Creek project would include 100 rent- and income-restricted apartments at about 50%–60% of area median income, with 30 units carrying deeper subsidies and set-asides for people with intellectual and developmental disabilities and for families experiencing homelessness in the Battle Ground School District. "It would be the first project that VHA develops in Battle Ground in about 20 years," Silver said.
The nut of the council discussion was finance. Silver and VHA staff described a financing package that includes Low-Income Housing Tax Credits (LIHTC), tax-exempt…
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