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Vancouver nonprofits get $5 million in grants, loans for affordable housing

The state Department of Commerce on Thursday announced more than $91 million in grants and loans for affordable housing projects, including $4.9 million for Vancouver.

“The Housing Trust Fund provides catalytic investments to nonprofit organizations, supporting the creation and preservation of affordable housing,” Commerce Director Lisa Brown said in a news release. “Communities across the state are stronger when individuals and families have a secure place to call home.”

Vancouver Housing Authority received $3 million toward Fourth Plain Commons, a mixed-use development aimed at providing affordable housing and promoting economic development along the Fourth Plain corridor. Planned for Warrior Field in central Vancouver, the 78-unit building is intended to house families with children and will feature a ground-floor commons complete with a commercial kitchen, offices, classrooms, community event space and an outdoor space for a satellite Vancouver Farmers Market.

Council for the Homeless received $1.5 million for The Meridian, a 46-unit apartment building to be built on Northeast 78th Avenue near existing subsidized housing projects. It’s being developed by Housing Initiative, a subsidiary launched by the nonprofit Council for the Homeless in 2016, and is intended to house people transitioning from homelessness or those with behavioral health challenges.

Vancouver Affordable Housing Nonprofit, an arm of Vancouver Housing Authority, got $400,000 for its Nicholson Road townhomes project. The eight-home project is the first in more than a decade where the housing authority will directly help families become homeowners. A community land trust model will keep the home affordable long term, so when it’s resold it’ll go to another lower-income family. Vancouver Affordable Housing plans to partner with nonprofit Proud Ground to adopt this model.

In total, Commerce awarded just over $5 million statewide for homeownership projects.


Source: https://www.columbian.com

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