The Housing Authority of the City of Bellingham (BHA) recently closed financing for the acquisition and rehabilitation of four multi-family properties in Bellingham, Washington. Between the four properties, 94 homes will be preserved as affordable for families with low income and tenants with disabilities. The properties will be modernized with interior and exterior improvements and will meet Washington State Evergreen standards post rehabilitation.
Banner Bank is providing $10 million of construction financing and $3.9 million of permanent financing using tax exempt bond proceeds. Additional permanent financing includes $96,000 from the City of Bellingham, and $8.2 million from BHA. Enterprise will provide $5.5 million of equity.