Affordable Housing Cost Data Annual Report to the Washington State Legislature, January 2020
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Summary
An annual report to the Washington State Legislature dated January 2020, prepared by the Washington State Department of Commerce with the Washington State Housing Finance Commission under SHB 1102, Section 1029(4), on affordable housing development costs. The introduction describes the Housing Trust Fund and the Low-Income Housing Tax Credit programs and quotes three JLARC recommendations from a January 2019 report. Part 1 sets out Commerce's process for collecting third-party certified final development costs from Housing Trust Fund recipients, citing CPA audit estimates of $5,000 to $10,000 for non-LIHTC projects. The Commission's report gives per-unit and per-square-foot costs by county, an average cost per unit of $231,393 across new construction and acquisition/rehab, and funding by source, including $737,591,204 in private debt.
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“Affordable Housing Cost Data Annual Report to the Washington State Legislature, January 2020.”
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Affordable Housing Cost
Data
Annual Report to the Washington State Legislature Pursuant to
Chapter 413, Laws of 2019 (SHB 1102, Section 1029 (4))
January 2020
REPORT TO THE LEGISLATURE
Lisa Brown, Director
Acknowledgments
Washington State Department of Commerce
Diane Klontz, assistant director, Community
Services and Housing Division
Corina Grigoras, managing director, Housing
Finance Unit
Washington State Housing Finance
Commission
Kim Herman, executive director
Lisa Vatske, division director, Multifamily
Housing and Community Facilities
Margret Graham, communications manager
Washington State Department of Commerce
Corina Grigoras,
corina.grigoras@commerce.wa.gov
HOUSING FINANCE UNIT
1011 Plum St. SE
P.O. Box 42525
Olympia, WA 98504-2525
www.commerce.wa.gov
For people with disabilities, this report is available
on request in other formats. To submit a request,
please call 360.725.4000 (TTY 360.586.0772)
2019 AFFORDABLE HOUSING COST DATA REPORT
Table of Contents
Introduction ...................................................................................................................................... 2
Part 1: Commerce's Implementation Process..................................................................................... 6
Part 2: Commission's Report ........................................................................................................... 10
2019 Report on Low-Income Housing Tax Credit Projects ................................................................ 13
2019 AFFORDABLE HOUSING COST DATA REPORT 1
Introduction
Report Requirement
The 2019-21 capital budget appropriation (SHB 1102, Section 1029(4)) requires the following:
"(b) Beginning December 1, 2019, and continuing annually, the department must provide the legislature
with a report of its final cost data for each project under this section. Such cost data must, at a minimum,
include total development cost per unit for each project completed within the past year, descriptive
statistics such as average and median per-unit costs, regional cost variation, and other costs that the
department deems necessary to improve cost controls and enhance understanding of development
costs. The department must coordinate with the housing finance commission to identify relevant
development costs data and ensure that the measures are consistent across relevant agencies."
Overview
Two major programs help fund the development of affordable housing for low-income people in
Washington: the Washington State Housing Trust Fund (HTF) and the Low-Income Housing Tax Credit
(LIHTC).
1. The Washington State Housing Trust Fund: The Washington State Housing Trust Fund program,
which is administered by the Department of Commerce (Commerce), provides capital funding in the
form of loans and grants for the development and preservation of affordable housing for low-
income people. HTF is funded biennially by the state capital budget, having invested since its
enactment in 1986 more than $1 billion to develop over 50,000 units of affordable housing in all
counties of our state. Funded projects commit to housing the intended population for 40-50 years,
during which time Commerce provides compliance monitoring and technical assistance.
2. The Low-Income Housing Tax Credit: The Low-Income Housing Tax Credit (LIHTC) program, which
is administered by the Housing Finance Commission (the Commission), allocates federal income
tax credits to developers to encourage the construction and rehabilitation of affordable multifamily
housing. Housing credit in the 9% program 1 is allocated through an annual competitive process in
which projects are evaluated and scored according to the Commission’s established criteria. The
4% housing tax credit combines tax credit equity with tax-exempt bonds.2 The IRS governs these
programs, and a per capita formula determines annual state allocations. As of 2018, the
Commission has supported $4.6 billion in equity through the allocation of tax credits, creating or
preserving 1,140 properties and 86,940 total units.
Commerce and the Commission collaborate on policies and partner on making investments in
affordable housing across the state. In any given year, 30-50% of our projects “overlap,” meaning they
receive both an HTF award and an LIHTC allocation of tax credits.
1 Learn more about the 9% tax credit program here: http://www.wshfc.org/mhcf/9percent/index.htm
2 Learn more about the 4% tax credit program here: http://www.wshfc.org/mhcf/4percent/index.htm
2019 AFFORDABLE HOUSING COST DATA REPORT 2
Reporting Requirement History
In 2017, the Legislature directed the Joint Legislative Audit and Review Committee (JLARC) to analyze
the costs of developing low-income housing (i.e., affordable to households making less than 80 percent
of the area median income). In its final report, 3 published in January 2019, JLARC made three
recommendations for Commerce and the Commission, as follows:
"Recommendation #1: The Commission should identify and evaluate options for increasing the
involvement of for-profit developers in the 9% tax credit program and report their findings to the
Legislature. There are a variety of options the Commission could evaluate for increasing the
involvement of for-profit developers in the 9% tax credit program. The Commission currently engages
for-profit developers in the bond/4% tax credit program, and there may be lessons learned from this
experience that can apply to the 9% tax credit program."
"Recommendation #2: Commerce should collect final development cost data from Housing Trust
Fund recipients to improve cost controls. Commerce should implement procedures to collect final
development cost data. Commerce may coordinate with other public funders to receive copies of
certified final development costs. It should use this data to implement its 2012 recommendation to
document and monitor development cost data over time. It should also use this data to inform their
cost-containment policy."
"Recommendation #3: Commerce and the Commission should report development cost data to the
Legislature annually. Data should include the total development cost per unit for each project,
descriptive statistics (such as average and median per-unit costs), regional cost variation, and other
cost data that agencies deem necessary to improve cost controls and enhance the Legislature's
understanding of development costs. Commerce and the Commission should coordinate to identify
relevant development cost data and ensure that measures are consistent across the agencies. The
costs should be published in a format that allows the Legislature and the agencies to track
development costs over time."
Both Commerce and the Commission concurred with all three recommendations.
In 2019, following the JLARC report, the Legislature included JLARC’s second and third
recommendations in the 2019-21 capital budget appropriation for the HTF (SHB 1102, Section
1029(4)), as follows:
"(4)(a) The department, in cooperation with the housing finance commission, must develop and
implement a process for the collection of certified final development cost data from each grant or loan
recipient under this section. The department must use this data as part of its cost-containment policy.
"(b) Beginning December 1, 2019, and continuing annually, the department must provide the legislature
with a report of its final cost data for each project under this section. Such cost data must, at a minimum,
include total development cost per unit for each project completed within the past year, descriptive
statistics such as average and median per-unit costs, regional cost variation, and other costs that the
3 Joint Legislative Audit and Review Committee, "19-02 Final Report: Analyzing Development Costs for Low-Income Housing,"
(2019), http://leg.wa.gov/jlarc/reports/2018/LIH/f/default.html
2019 AFFORDABLE HOUSING COST DATA REPORT 3
department deems necessary to improve cost controls and enhance understanding of development
costs. The department must coordinate with the housing finance commission to identify relevant
development costs data and ensure that the measures are consistent across relevant agencies."
This Commerce-Commission joint report is prepared in response to JLARC’s second and third
recommendations and in compliance with the 2019-21 capital budget requirements. JLARC’s first
recommendation is being addressed in a separate report prepared and submitted by the Commission.
2019 AFFORDABLE HOUSING COST DATA REPORT 4
Construction of This Report
Part 1: Commerce's Implementation Process
The first part of this report discusses Commerce’s plan to obtain third-party certified final development
cost data from HTF recipients. Commerce worked with stakeholders to create a preliminary set of
guidelines for the HTF-funded projects. As Commerce will begin implementing this new process,
modifications to these guidelines may be necessary from time to time to accommodate all project
types and situations and correct any unintended consequences. As such, Commerce may need to
modify its guidelines and forms to meet its legislative and policy requirements, and will notify
contractors of any such changes in writing.
The 2019-21 capital budget proviso states that data for projects under that section should be included
in this report. Many of the LIHTC projects analyzed in the second part of this report have also received
HTF funding. For its remaining HTF projects (non-LIHTC projects), Commerce is unable currently to
provide data. While the Commission has in place a cost-certification process for its LIHTC projects,
Commerce has just created the process and guidelines and will begin implementing its own cost-
certification process for the non-LIHTC projects starting with its 2019 HTF awards. As such, projects
awarded HTF funds in 2019 and in the future will be required to provide third-party cost certifications
once their construction phases are complete and the properties are occupied.
Capital projects may take anywhere from a few months to a few years from award to construction
completion. As a result, final cost data for the non-LIHTC projects will not be available until that time
(anticipated in 2021 or 2022). Additionally, this is a new process and requirement for the HTF clients.
Commerce could not impose new requirements on projects already awarded or underway.
Part 2: Commission's Report
The second part of this report provides the Commission’s analysis of total residential project costs for
LIHTC affordable housing projects placed in service during state fiscal year 2019 (July 1, 2019, to June
30, 2019). The data and numbers provided come from the Certified Public Accountant-prepared cost
certifications that are required for developers to claim the tax credits. This section also sets the
benchmark for future legislative reporting, including a series of assumptions and definitions that help
provide for consistent measures and data characteristics across the two programs and state agencies.
2019 AFFORDABLE HOUSING COST DATA REPORT 5
Part 1: Commerce's Implementation Process
Overview
Commerce's implementation process is under way. As of the date of this report, Commerce has
completed its planning for how to collect and analyze final project costs, and prepared and published
guidelines to its HTF applicants and clients. The following is a summary of the stakeholder
engagement process and the guidelines that will help HTF recipients meet the JLARC’s second and
third recommendations and the capital budget requirements. 4
The certification of final development costs is a new process for Commerce and the HTF contractors.
Changes may be needed from time to time to accommodate all project types and situations and to
correct any unintended consequences.
Coordination with the Housing Finance Commission
The Commission and Commerce are closely collaborating to implement JLARC’s recommendations
and submit the annual reports to the Legislature.
The Commission already collects certified final cost data for LIHTC projects. Many of the LIHTC
projects also include HTF financing. Efforts have been made to coordinate Commerce’s collection of
certified costs with the LIHTC existing process and minimize costs and efforts for our clients as much
as possible.
Stakeholder Engagement
Commerce consults on HTF policies with the Policy Advisory Team (PAT), which is a subcommittee of
the Governor-appointed Affordable Housing Advisory Board. PAT created a subcommittee of
stakeholders to work with HTF staff on a plan and guidelines for meeting the new certified
development costs requirements. The subcommittee included representation from the multifamily
rental and homeownership development community, as well as LIHTC staff from the Commission.
Between March and August 2019, the subcommittee analyzed and discussed JLARC’s
recommendations and brainstormed ways to meet the capital budget requirements. The main
discussion focused on what a "cost certification" constitutes. As such, JLARC staff was consulted to
help clarify their recommendation for obtaining “certified” costs. JLARC staff indicated their
recommendation is for Commerce to obtain “reliable and verified data” and to follow a process like the
LIHTC process, in which a neutral third-party accountant reviews and certifies the project’s final
development costs.
4 More details can be viewed here: https://deptofcommerce.app.box.com/s/ogusmaw8pd78qsjv5xnx8t38zbluhjf2
2019 AFFORDABLE HOUSING COST DATA REPORT 6
What Constitutes a Cost Certification?
Commerce staff engaged in scoping discussions with certified public accountants (CPAs) from firms
that performed recent LIHTC final cost certifications, to understand possible options and determine the
level of third-party review necessary to obtain a final cost certification.
For LIHTC projects, CPAs indicated that adding an HTF-specific worksheet to the LIHTC cost
certification to include in their audit would not pose problems or substantially increase the certification
cost. The CPAs will concurrently provide their opinion on the LIHTC and HTF information and submit
their audit to Commerce at the same time it is submitted to the Commission.
For non-LIHTC projects, stakeholders and staff sought options to minimize cost. Options contemplated
included compilations, reviews, exams, agreed-upon procedures, and audits. Alternatives to a project
audit did not seem to result in a certification similar to the LIHTC’s, as expected by the Legislature.
CPAs indicated that “true certification” can be provided only via an audit. The CPAs’ estimated cost to
audit and certify development costs for a non-LIHTC project ranged from $5,000 to $10,000, depending
upon the level of engagement needed for the CPA to review internal controls of the organization. CPAs
indicated that depending on their level of experience with the organization, the audit can be more or
less comprehensive. For example, the level of audit review might be less comprehensive if the CPA is
already familiar with and convinced that the organization’s internal controls are strong.
Requirements for Projects Funded in 2019 and After
All future affordable housing projects funded by Commerce’s Housing Finance Unit—starting with the
2019-21 capital budget competitively funded and directly appropriated projects, as well as HOME and
National HTF projects—will be required to submit an “HTF Certified Final Development Costs”
worksheet 5 to Commerce when placed in service. The submission will be accompanied by a
certification from a third-party CPA in the form of an audit. This applies to both LIHTC and non-LIHTC
projects, as described further below.
The “HTF Certified Final Development Costs” worksheet is a modified version of Form 6A, which is
familiar to the HTF and LIHTC contractors. Form 6A is used to submit a new development budget via
the Combined Funders Application, as well as to update budgets before contract closeout and after the
project is placed in service.
The cost to obtain a third-party final cost certification of a project’s final development costs is a
reimbursable expense under HTF’s current policies (see HTF Handbook 6). Current contractors and new
applicants will be encouraged to track these costs separately in their development budgets.
5 Washington State Department of Commerce, "HTF Certified Final Development Costs," (2019),
https://deptofcommerce.app.box.com/s/ogusmaw8pd78qsjv5xnx8t38zbluhjf2
6 Washington State Department of Commerce, "Washington State Housing Trust Fund Handbook," (last updated 2018),
https://deptofcommerce.app.box.com/s/f89ytc0qtime7dl6wpqke5h2zl1jwzlm
2019 AFFORDABLE HOUSING COST DATA REPORT 7
LIHTC Projects
Projects using LIHTC will instruct their cost certification CPA to attach the “HTF Certified Final
Development Costs” worksheet to the project’s LIHTC cost certification to meet the HTF-specific
requirements. The CPA will provide their opinion on the LIHTC and HTF information and submit their
final cost certification packet concurrently to Commerce and the Commission.
Non-LIHTC Projects
Projects not using LIHTC—both multifamily rental and homeownership— will obtain the third-party final
cost certification of their project final development costs in the form of a project audit. HTF contractors
will instruct their CPAs to submit the audited “HTF Certified Final Development Costs” worksheets
directly to Commerce no more than 90 days after the project is placed in service. According to Section
406 of the HTF Handbook, “A project is considered to be placed in service once a certificate of
occupancy, or equivalent, has been issued for the property.”
To save costs, HTF contractors will have the option to obtain the third-party final cost certification of
their project final development costs as part of their organization’s annual audit. If this option is
selected, the cost certification must be submitted to Commerce no later than 90 days from the end of
the organization’s fiscal year that is being audited. For example, if the organization’s fiscal year ends on
Dec. 31, the HTF third-party final cost certification is due to Commerce no later than March 30.
Analysis and Cost Containment Efforts
The HTF’s current cost-containment policy was established in 2012 with input from PAT and a group of
stakeholders in response to a legislative proviso. The policy reads as follows (HTF Handbook Section
201.2):
"Commerce compares projects of similar type, activity, size and geographic location to determine cost
reasonableness as follows:
Type: Multi-family or Single-family
Activity: New construction or Rehabilitation
Size: Small (1-25 units), Medium (26-100 units), Large (>100 units)
Location: King/Pierce/Snohomish Counties; Other Metro; Non-Metro (rural)
"Project costs are “reasonable” if the per-unit cost is at or below 110 percent of the average per-unit cost
of comparable projects within the same funding round. If there are insufficient projects of similar type,
activity, size, and location within a funding round to provide for a reasonable comparison, data from up to
three prior rounds will be used. (Average per-unit costs will not be published in advance since they cannot
be determined until applications have been received).
"Commerce may allow higher capital costs if the applicant can demonstrate that these costs would result
in sufficient savings over time in operating and maintenance costs to justify the additional expense.
Commerce excludes land acquisition and capitalized reserves from the cost comparison.
2019 AFFORDABLE HOUSING COST DATA REPORT 8
"Note: This cost containment policy is used in the application evaluation and scoring process. When there
are not enough applications in a category, scoring for cost containment may need to be omitted on those
applications (details are published in the HTF solicitation for applications)."
As Commerce will begin collecting and analyzing final development costs data, it will use this data and
analysis to review and improve its current cost-containment policy in collaboration with the
Commission, PAT and program stakeholders.
In preparation, Commerce staff is currently working on improving our database systems and creating
custom reports that will be instrumental for analyzing data and trends and shaping future policy.
2019 AFFORDABLE HOUSING COST DATA REPORT 9
Part 2: Commission's Report
Overview
Since the inception of the federal Low-Income Housing Tax Credit (LIHTC) program in 1987, the
Commission has collected and tracked cost data. Developers cannot obtain approval from the IRS for
the housing tax credits until their costs are certified. They must submit a CPA-generated report of the
total sources and uses of the project’s funding to obtain Form 8609 from the IRS, which enables their
investors to claim the housing tax credits and thus provide equity for the project.
In addition to the third-party final cost certification process, the Commission has a robust cost-
containment strategy, which is essential to the future success and continued credibility of the Housing
Tax Credit program. Given the finite resource of the Housing Tax Credit, the primary objective of these
cost-containment policies is to balance cost containment with promoting quality development. As
referenced in the JLARC report, the Commission follows key national best practices for monitoring and
controlling costs.
To this end, in 2012, the Commission developed and established total development cost (TDC) limits to
benchmark and analyze costs against metrics. These limits vary by the region to better measure and
acknowledge the different cost drivers throughout the state. The Commission reviews these limits
annually (and resets them if necessary) using third-party data from Engineering News-Record (ENR). 7
The TDC limits are documented in the Development Cost Limit Schedule 8 as part of the LIHTC
application process.
As part of the competitive application process, points are awarded based on a percentage of the
amount under the TDC limit and based on the comparative cost of projects in the geographic pool. 9
Projects are subject to the Development Cost Limit Schedule in place at the time of application. As part
of the application, projects must provide a detailed breakdown of all anticipated project costs.
Total Residential Project Cost Versus Total Residential
Development Cost
Total Residential Project Cost
The data included in this report is based on Total Residential Project Cost (TRPC), which includes the
total cost of the residential portion of a project, including land, capitalized reserves and offsite
infrastructure improvements.
Total Residential Development Cost
Total Residential Development Cost (TRDC) is the Total Residential Project Cost minus the cost of land,
reserves and infrastructure. The Commission uses TRDC for purposes of analyzing projects against
limits and determining competitive points because TRDC better reflects the costs over which the
7 Engineering News Record, https://www.enr.com/
8 TDC limits (Section 3.2.7): http://www.wshfc.org/mhcf/9percent/2020application/c.policies.pdf#page=24
9 Geographic pools (Section 5.2.2): http://www.wshfc.org/mhcf/9percent/2020application/c.policies.pdf#page=44
2019 AFFORDABLE HOUSING COST DATA REPORT 10
developer has control. Some developers, for example, may build on donated land, while others may
have paid market price.
Data Definitions
Table 1 shows the key data and criteria that the Commission and Commerce agreed upon for reporting
cost data. The definitions are organized by General Project Data, Project Cost Data, Sources of
Financing, and "Cost Per" Data.
Table 1: Data Definitions
Field Description
General Project Data
Sponsor Project Sponsor (the primary developing organization)
Project Name Project Name
Program Type 4% or 9% Low-Income Housing Tax Credit program
Project Address Project Address
Project City Project City
Project County Project County
Zip Project Zip
New Construction
OR New Construction vs. Acquisition/Rehabilitation of an existing building
Acquisition/Rehab
Includes all physical units in the property:
Low-income Housing Units (income- and rent-restricted units);
Total Units Common Area Units (which include manager-occupied units and sometimes community
areas); and
Market Rate Units (units renting at market rate without income or rent restrictions).
Total Residential Includes all residential areas including common areas and parking; does not include
Square Feet commercial square footage
Project Cost Data
Total Residential All costs, including land, capitalized reserves, and infrastructure costs associated with
Project Cost the residential budget. All subtotals below are for residential costs.
Land/Acquisition
Cost for acquiring land, buildings and any closing costs
Subtotal
Construction Materials, labor, and associated costs of residential construction; any site or
Subtotal infrastructure work; and contingency
Professional Fees Engineering, architecture, appraisals, market studies, geotech, topography,
Subtotal environmental reports, legal fees, development consultant, developer fees
Financing Costs
Loan fees, interest expenses and insurance
Subtotal
Capitalized
Operating and/or replacement reserves
Reserves Subtotal
2019 AFFORDABLE HOUSING COST DATA REPORT 11
Field Description
Real estate tax, insurance, relocation, bidding costs, permits/fees/hookups, impact
Other Development mitigation fees, development period utilities, nonprofit donation, accounting audit,
Costs Subtotal marketing, leasing expenses, and any carrying costs during rent-up (before a project is
fully leased)
Sources of Financing
State Housing True = The project includes an investment from the Washington State Housing Trust
Trust Fund? Fund; may also include State HOME funds, National Housing Trust Funds.
Amount awarded from the Washington State Housing Trust Fund (through Dept. of
State Housing
Commerce); may also include State HOME funds and National Housing Trust Funds
Trust Fund Amount
allocated through the Dept. of Commerce.
Private Equity from
Private equity generated from federal Low Income Housing Tax Credits
LIHTC
Other State Source Capital appropriations
Federal Source HUD Choice Neighborhoods; may also include other federal resources if available direct
Summary from the federal level
Local Source Housing Authority capital funds, local HOME funds (HUD), local housing levies, other city
Summary or county investments
Private Source Tax-exempt private activity bond cap (issued by either Commission or Housing
Summary Authority), permanent loans, other federal tax credits, subordinate loans, etc.
Sponsor Source Deferred developer fee, sponsor loan, sponsor contribution, Net Operating Income (NOI)
Summary during lease-up, seller note
“Cost Per” Data
Cost Per Unit Total Residential Project Cost divided by Total Units
Cost Per Total
Residential Square Total Residential Project Cost divided by Total Residential Square Feet
Footage
2019 AFFORDABLE HOUSING COST DATA REPORT 12
2019 Report on Low-Income Housing Tax Credit
Projects
Overview
This section includes data on projects placed in service from July 1, 2018 through June 30, 2019. 10
Project Costs
Tables 2, 3 and 4 show average cost data by county, per unit, costs for new construction vs.
rehabilitated units, and a breakdown of cost categories. Highlights include:
Total projects: 51
Average number of units: 145
Average cost per unit: $231,393
Average cost per square foot: $264
Table 2: New Construction Costs per Unit and Square Foot by County
Average Cost Per
County Average Cost Per Unit Residential Square Foot
Benton $192,643 $193
Clallam $296,191 $323
Clark $246,106 $338
King $288,060 $315
Pierce $241,784 $246
Snohomish $215,204 $243
Spokane $202,181 $206
Thurston $169,639 $178
Average of All New Construction: $246,426 $273
10 The full data set can be found here:
https://deptofcommerce.box.com/shared/static/b6i21dnsqpcyiilblwjqgnq4wewe0luk.xlsx
2019 AFFORDABLE HOUSING COST DATA REPORT 13
Table 3: Acquisition/Rehab Costs per Unit and Square Foot by County
Average Cost Per
County Average Cost Per Unit Residential Square Foot
Acquisition/Rehab:
King $223,898 $266
Kitsap $159,486 $218
Lewis $143,300 $141
Pierce $185,135 $237
Snohomish $270,082 $324
Spokane $144,405 $212
Thurston $310,641 $198
Walla Walla $144,556 $155
Whatcom $148,705 $239
Yakima $149,857 $204
Average of All Acquisition/Rehab: $208,092 $249
Table 4: Total Average Costs Including New Construction and
Acquisition/Rehab
Average Cost Per Unit Average Cost Per Residential Square Foot
$231,393 $264
2019 AFFORDABLE HOUSING COST DATA REPORT 14
Figure 1 shows project costs by category. Construction costs, including labor and materials, are the
major category and cost drivers of these projects. Figure 2 shows the proportion of projects that
include a Housing Trust Fund investment. Categories are defined above in Table 1.
Figure 1: Project Costs by Category
Capitalized Reserves Other Development Costs
2% 4%
Financing Costs
5%
Land/Acquisition Costs
Professional Fees 25%
13%
Construction Costs
(including material and
labor)
51%
Figure 2: Proportion of Projects that Include a Housing Trust Fund Investment
Include HTF: 13 projects
No HTF: 38 projects
2019 AFFORDABLE HOUSING COST DATA REPORT 15
Project Funding Sources
Private debt includes tax-exempt bonds issued by the Commission or by the local housing authority.
The "State Funds" category is solely made up of state Housing Trust Fund dollars.
Figure 3: Proportion of Project Funding by Source
Federal Funds Local Funds
State Funds $6,688,824 $45,014,805
$28,542,385
3%
2%
Sponsor Funds
$238,055,016
14%
Private Debt
$737,591,204
45%
LIHTC Private Equity
$593,742,145
36%
2019 AFFORDABLE HOUSING COST DATA REPORT 16
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