TAX CREDITS CREATE AFFORDABLE RENTAL HOUSING
By Steve Wright
In the Pacific Northwest, Bob Peterson – Manager of the Tax Credit Division of Washington State Housing Finance Commission -- is particularly proud of the historic Monte Cristo Hotel in Everett, Washington.
The hotel, which once set vacant and neglected for more than two decades, was converted to affordable housing 15 years ago and is still going strong. One hundred percent of its 68 units are rented to people earning no more than 60 percent of the Area Gross Adjusted Income, the standard LIHTC requirement.
The rehabilitation of an old hotel has a mix of studios, one- and two-bedroom units. Because Washington requires tax credit recipients to maintain affordability for 40 years, the Monte Cristo’s units will be available to low income renters for at least another quarter century.
“Housing needs differ not only from state-to-state but also within counties,” Peterson said. “More flexibility should be given to local communities to `fill’ in their housing gaps using these current resources. It would be nice to have incentive-based programs vs. legislating the development of affordable housing.”
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