The Washington Family Housing Fund
The Washington Family Housing Fund is a philanthropic partnership between Ballmer Group and the Washington State Housing Finance Commission (WSHFC) to support the construction of affordable rental housing for low-income families.
Why Affordable Housing Matters for Families
At Ballmer Group, we know that housing and economic mobility are closely connected. Where a family lives affects their access to schools, jobs, healthcare, and other essential resources. Because housing is often a family’s largest monthly expense, unaffordable rent can force difficult choices, such as cutting back on food and other essentials. Families struggling with high housing costs may also have to move frequently, which can lead to lower school attendance and academic performance for children.
Over the past 10 years, rent prices in Washington have steadily increased faster than wages, causing a housing affordability crisis for many working families. Today, more than one in four renters in the state spend at least half of their monthly income on housing, leaving families one unexpected expense away from falling behind on payments or facing an eviction notice on their front door.
At its core, this is a supply issue: there is a shortage of rental homes in Washington that cannot keep up with rising demand. Over the next 20 years, the state estimates that it will need to build more than 9,000 homes annually for very low-income renters earning between 30 percent and 50 percent of the area median income. We estimate that at least one-third of that total—about 3,000 affordable homes annually—need to be suitable for families with children.
Sizing the Need in Washington State
* All numbers are approximate estimates. Roughly 34% of renter households with incomes between 30-50% of AMI have children. SOURCE: Washington State Department of Commerce, “Planning for Housing in Washington,” updated March 2023.
How the Fund Works
The Washington Family Housing Fund will provide up to $150,000 for each new affordable unit created, delivered as a forgivable loan from the Washington State Housing Finance Commission.
To be eligible, projects must meet the following criteria:
- Project must be a new construction rental development in Washington State
- Homes must have at least two bedrooms
- Homes must be affordable to families earning about 50 percent of the area median income and offer a significant discount relative to comparable market-rate housing in the area.
- Subsidized units must stay affordable for at least 60 years.
Projects are expected to leverage debt, equity, or other non-competitive public, private, or philanthropic sources. Projects will not depend on limited competitive public resources, such as Low-Income Housing Tax Credits, to ensure the fund adds new housing options rather than competing with existing programs. This strategy allows the fund to create a new, additional supply of family housing while focusing on cost efficiency and long-term affordability.
Three Core Goals for this Initiative
How to Engage
Ballmer Group welcomes project proposals that are aligned with the goals of the Washington Family Housing Fund.
Ballmer Group is partnering with HR&A Advisors to source and underwrite individual projects and the Washington State Housing Finance Commission to originate the forgivable loan and oversee compliance and asset management throughout the life of the property.
If you are a developer interested in partnering or have an eligible project, please reach out to WAFAM@hraadvisors.com.
Impact to Date
Our goal is to build 10,000 new homes across the state. As of June 2026, our first project is under construction in Pierce County, and we have approved 10 forgivable loans totaling $160 million to help build 1,120 affordable apartments for low-income families across the state. The projects represent a variety of building types and locations, from urban areas like West Seattle to more rural communities like Twisp.
