Developers are combining 9% and 4% credits in the same development.
Bellwether Housing has built a development that achieves both size and depth to provide needed affordable housing in Seattle. At 133 units, Arbora Court is the nonprofit’s largest construction project to date. The development also digs deep to serve many of the city’s most vulnerable households, including 40 families transitioning out of homelessness.
To develop the ambitious project, Bellwether Housing combined 9% and 4% low-income housing tax credits (LIHTCs) in the same project, a move that more developers are eyeing to finance their developments.
“We could not have created a capital stack that would allow us to create that many extremely low-income units and be able to accommodate those families without the 9% credit or some other off-scale investment from other public soft funders that would have funneled those resources away from other projects,” says Susan Boyd, CEO of Bellwether Housing.
