Who qualifies?
This program is available to owners of single family or multifamily rental properties registered with the City of Olympia’s Rental Registry who would like to participate. Properties must be located within Olympia city limits and charge affordable rents. Affordable rents for this program are defined as follows:
Subsidized affordable housing, such as Project-Based Section 8 housing, Low-Income Housing Tax Credit properties, and housing projects with local Home Fund or statewide Housing Trust Fund investment.
Naturally occurring (i.e., non-subsidized) rental housing that is affordable for households at 80% of the area median income (AMI).
Rental housing that is occupied by low-income households, defined as 80% of AMI, including multifamily buildings where greater than 50% of the households earn 80% or less of AMI(External link).
As a requirement to receive funding and assistance from the SHARE Accelerator program, building owners must enter a contract with the City of Olympia, that includes an affordability covenant to ensure rental pricing is maintained for a set period of time and upgrade costs aren’t being passed on to tenants. Building owners will also be required to report regularly on the status of building upgrades and tenant satisfaction.

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