Pacifica client the Washington State Housing Finance Commission (the “Commission”) has entered a public-philanthropic partnership with Ballmer Group designed to expand the supply of affordable rental housing for low-income families in Washington State. Dubbed the Washington Family Housing Fund (WAFAM), the new program aims to create 10,000 affordable housing units for families earning 50 percent of the median income in Washington.
WAFAM does not rely on public funds; the program is financed entirely by Ballmer Group, a philanthropic organization co-founded by Connie Ballmer and former Microsoft CEO Steve Ballmer.
Through the WAFAM initiative, the Commission serves as the lender to developers, providing forgivable loans of up to $150,000 per unit to support the construction of new, family-sized housing. To be eligible for WAFAM financing, units must have at least two bedrooms and remain affordable for at least 60 years. In addition to serving as the lender, the Commission will also ensure compliance with rent and income limits and other requirements for 60 years.
“We are honored to support the Washington State Housing Finance Commission in its partnership with Ballmer Group as they bring thousands of affordable homes to Washington families who need them most,” said Pacifica Partner Faith Li Pettis.
The first WAFAM-financed project is already under construction in Pierce County, and WAFAM has already approved 10 forgivable loans totaling $160 million to help build more than 1100 affordable apartments in urban and rural communities across the state. Additional loans are being approved and closed on an ongoing basis.
For more information about WAFAM, please visit Ballmer Group’s website:
