Over the past year and a half, the Housing Innovation Partnership has been conducting housing research and developing innovative approaches focused on middle housing financing incentives, modular housing, and local capacity building. A set of recommendations have been created to support housing production.
As a result of those recommendations, $20 million is allocated for Modular Factory Funding, another $20 million is for a workforce and affordable housing loan guarantee fund, and $5 million will go to support housing and community development capacity for local governments.
See more about the HIP’s efforts this 2023 session here.
A special thank you to Representative Pam Marsh for her efforts this legislative session to secure these needed investments, and for her leadership in the HIP alongside co-convener Megan Loeb.
Modular Factory Funding
Set aside in the Governor’s Emergency Homelessness Response Package was a fund developed by HIP members to provide $20 million in grants or loans to entities to begin or expand production capacity for the development of modular housing and components. This is hopefully just one of many steps to be taken in the direction of employing innovative construction methods to increase housing production in our state.
Affordable Housing Loan Guarantee Fund
$20 million has been appropriated to the Housing and Community Services Department to provide grants to one or more nonprofit corporations to develop a fund used to guarantee the repayment of loans to finance the construction of housing for low or moderate income households. This fund will incentivize private capital to support these projects at beneficial borrowing costs.
Local Government Capacity
$5 million is going to DAS, in consultation with DLCD and OHCS, to provide grants to councils of government and economic development districts to support housing and community development capacity within cities and counties and within the nine federally recognized Indian tribes in this state. These funds will be used towards bridging information gaps, identifying and securing needed resources including infrastructure and community facilities. connecting producers of needed housing with consumers of needed housing, and working with representaties of historically underrepresented groups to overcome community-specific barriers to obtaining housing.