Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Philanthropic Funding topic
No spam. Unsubscribe anytime.
Committee hears overview of Steve Ballmer–backed Washington Family Housing Fund; members seek details on AMI, prevails and developer math
Summary
Committee members heard that a Washington Family Housing Fund (philanthropic) may offer $100,000–$150,000 per unit subsidies and long-term financing aimed at housing for roughly 50–60% AMI; members requested clearer definitions of AMI, prevailing-wage impacts and financial pro formas before endorsing outreach.
Committee members discussed a presentation about a proposed Washington Family Housing Fund backed by the Steve Ballmer family’s philanthropic effort and a connected investment group. Committee members said the fund would combine low-interest lending and a sizable per-unit subsidy to close financing gaps for private developers building affordable units in the 50–60% AMI range.
"They want a long, low-interest financing and a subsidy of a $150,000 per unit," one committee member summarized during the discussion. Presenters and committee members emphasized the fund’s preference to avoid mixing philanthropic subsidy with competitive public dollars so as not to trigger prevailing-wage requirements tied to public grants.
Members asked whether the fund refers to local or statewide AMI definitions and requested additional detail on how the fund would define household size, rent targets at 60% AMI, and whether the subsidy would be compatible with local incentives such as multifamily tax exemptions or permit waivers. Several members said the concept could help fill a financing "donut hole" between public subsidies and purely private development but noted that detailed pro formas — including prevailing-wage and infrastructure costs on publicly owned land — will be needed to test feasibility.
Committee members asked staff to schedule follow-up conversations with fund representatives and to prepare developer-facing financial scenarios for the June meeting so members can evaluate whether Clallam County projects could pencil under the proposed subsidies. No commitment to participate or to accept funds was made at the meeting.
