Harbor Pines 272-unit new construction LIHTC family housing in…
Washington State Housing Finance CommissionWashington- Detected
- Jun 25, 2026
- 134 days ago
- Sector
- Capital Projects
- Est. value
- Free account
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THE 30-SECOND BRIEF
Through Resolution 26‑58 adopted June 25, 2026, the Commission approved issuing up to $60 million in tax-exempt multifamily revenue bonds for Harbor Pines, a 272‑unit new construction family housing project in Olympia to be developed by DevCo, LLC. The financing will be privately placed with Cedar Rapids Bank & Trust, and the project uses 4% credits with 100% of units at 60% AMI (using income averaging), including set‑asides for disabled persons and large households and amenities like a fitness center, plazas, business center, dog walk, recreation areas, and meeting rooms.
With an estimated total development cost of roughly $113.5 million and an anticipated bond closing in July 2026, Harbor Pines is moving into active implementation with permanent financing from Citi, soft loans, deferred fees, and tax credit equity. Although the primary financing and developer are set, there is extensive room for vendors—GCs, subcontractors, energy and healthy-building consultants, community‑based service partners (such as Next Chapter), and technology providers—to support construction, resident services, and long-term operations for this large-scale development.
Harbor Pines scored strongly on cost efficiency, priority populations, CBO ownership/inclusion, community engagement, and energy/healthy living criteria in the Commission’s evaluation framework.
From the meeting
- Source
- Harbor Pines 272-unit new construction LIHTC family housing in Olympia
- Meeting date
- June 25, 2026
- Agency
- Washington State Housing Finance Commission
Questions about this project
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