A program to preserve over 200 affordable housing units in Snohomish County has won a regional award and been nominated for national recognition.
The project, launched in July, is an agreement between Snohomish County, the YWCA of Seattle-King County-Snohomish County and the Everett Housing Authority.
The county’s contingency loan program is used to help financing of affordable housing units in Lynnwood, Mountlake Terrace and Everett. The program is available to families at or below 50 percent of area median income.
The project was led by county executive director Deanna Dawson, who is also Edmonds City Council President, and county staff. The program is financed by Seattle Northwest Securities Corporation using of the county’s bond rating which saved approximately $2.4 million on the total cost of the $28.8 million project.
“It is rewarding to see the work we are doing here in Snohomish County on affordable housing recognized on a national level,” said Snohomish County Executive Aaron Reardon. “This award is recognition that we are moving in the right direction.”
For “Deal of the Year” award as picked by Bond Buyer newspaper, projects are evaluated for award based on criteria including innovation, risk-taking, financial complexity and whether or not they serve as a good model for other financings for public purpose.
The Bond Buyer “Deal of the Year” Awards are selected from over 100 nominations of municipal bond projects ranging in size from a few million dollars to several billion. Separated into five regions, two projects from each region are selected to receive regional awards. Of those that receive regional awards, only one will earn the honor of national “Deal of the Year.”
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