Affordable Homeownership Revolving Construction Catalyst Fund Administrator

The Washington State Housing Finance Commission is requesting proposals from Community Development Financial Institutions or mission-aligned financial intermediaries to administer the Affordable Homeownership Revolving Construction Catalyst Fund, a $10 million Program-Related Investment initiative, with proposals due November 2, 2026 at 5:00 p.m. Pacific Time. An optional pre-bid conference is scheduled for October 16, 2026 at 2:00 p.m. Pacific Time via Zoom.

Minimum qualifications are CDFI certification or equivalent mission-aligned status, a minimum of five years' experience administering loan funds or construction lending programs, demonstrated experience serving affordable housing developers and nonprofits, and statewide operational capacity. The Fund Administrator will establish and operate a revolving loan fund providing predevelopment and construction financing to nonprofit homeownership developers, including community land trusts and Habitat for Humanity affiliates, across Washington State with service focus on Franklin, Grant, Grays Harbor, Chelan, and Yakima counties. Funded projects must serve households earning 50–80% of Area Median Income, utilize off-site construction methodologies including 2D panelized or 3D modular construction, and maintain long-term affordability for a minimum of fifty years. Services include fund management and administration, loan origination and underwriting, portfolio management, capital leveraging and partnership development, and quarterly and annual performance reporting. The contractor must develop flexible underwriting standards and loan products for eligible nonprofit borrowers.

The contract runs from December 15, 2026 through December 15, 2031, with WSHFC retaining the right to extend for up to two additional five-year periods. WSHFC provides capital at a cost rate of 0.5% payable upon repayment, structured as a five-year loan with optional renewal for two additional five-year terms. Evaluation is based on technical merit rather than lowest cost, assessing organizational experience, fund administration and lending expertise, program impact alignment, capital leveraging capabilities, organizational capacity, and cost-effectiveness; interviews are anticipated the week of November 16. Proposals must include Diverse Business Inclusion Plans and Workers' Rights Certifications as mandatory components, with cost proposals submitted separately detailing all anticipated administrative and service charges. Proposals are limited to ten pages excluding required exhibits. All proposals become the property of WSHFC following announcement of the Apparent Successful Contractor.