$4.8M awarded to stabilize Washington neighborhoods with high foreclosure rates

The Washington State Department of Commerce Thursday announced that King, Pierce, Snohomish and Spokane Counties will receive a total of...

The Washington State Department of Commerce Thursday announced that King, Pierce, Snohomish and Spokane Counties will receive a total of more than $4.8 million in grants to help purchase and redevelop foreclosed and abandoned homes, putting them back into productive use. These federal funds were awarded to the Washington State Department of Commerce by the U.S. Department of Housing and Urban Development (HUD) in March under the Neighborhood Stabilization Program 3, aimed at stabilizing communities hit hard by foreclosure.

“Revitalizing neighborhoods hard-hit by housing foreclosures helps our state’s economic recovery,” said Karen Larkin, Department of Commerce Assistant Director for Local Government and Infrastructure. “While helping to support the economic base of struggling neighborhoods, these funds will also benefit low-income families in need of affordable housing.”

To distribute these federal funds, the Department of Commerce conducted a competitive process, soliciting grant proposals for projects in the areas of greatest need around the state. Twelve proposals were received, requesting a total of $12.7 million. The following four projects were approved for funding, for a total of $4,835,500:

— City of Federal Way / $1,693,000 / Westway Neighborhood Housing Project: Will acquire, rehabilitate, and sell 14 foreclosed and vacant properties. Five units will be sold to low-income households;

— City of Lakewood / $640,000 / Tillicum Low-Income Housing Project: Will acquire, rehabilitate, and sell 11 foreclosed and vacant properties.  All 11 units will be sold to low-income households;

— Snohomish County / $1,102,500 / Park Place Townhome Rentals Project: Will acquire 14 newly constructed, vacant, and bank-owned homes. All 14 units will be rented to low-income households;

— City of Spokane / $1,400,000 / East Sprague Rentals Project: Will build 37 new affordable rental housing units on a vacant lot in a neighborhood heavily impacted by foreclosures. All units will be rented to low income households.

For more information on the Neighborhood Stabilization Program 3, go to http://www.commerce.wa.gov/site/1360/default.aspx .

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