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Commerce Closes Rapid Capital Housing Acquisition Phase I Funding

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The Department of Commerce’s Housing Finance Unit (HFU) announced that it has received applications for the first phase of the 2021 Rapid Capital Housing Acquisition (RCHA) funding round. The total request of $60.5 million will generate 578 units of affordable housing.

Upon review, eligible projects from Phase I will receive a Notice to Proceed by Sept. 2. The list of 14 applicants can be viewed here.

RCHA is capital funding to acquire or rent real property for rapid conversion into enhanced emergency shelters, permanent supportive housing, transitional housing, permanent housing, youth housing, drop-in center, or shelter for people with extremely low incomes, as well as people experiencing sheltered and unsheltered homelessness, in Washington State. Phase I of the RCHA program was limited to organizations acquiring properties capable of housing people swiftly with minimal updates and evidence of local support.

Phase II of the 2021 RCHA funding round is scheduled to open Sept. 16.