Whidbey Affordable Housing Fund

Eligibility Criteria and Guidelines for Funding

About the Opportunity

In recognition of the challenges many individuals and families face with finding affordable housing on Whidbey Island, the Whidbey Affordable Housing Fund (WAHF) helps connect nonprofit organizations with donor dollars to support their work on affordable housing projects on Whidbey Island. The primary objective of the WAHF is to support the creation of more perpetually affordable dwellings on Whidbey Island by nonprofit entities.

The Fund was created by JADE Craftsman Builders and established with gifts from JADE and several of their clients and is held at Whidbey Community Foundation (WCF). Donations to the Fund are tax-deductible to the extent allowed by the law, and Whidbey Community Foundation is a 501c3 nonprofit, EIN: 81-3860867.

Loans and Grants

WAHF prioritizes loans, and especially bridge loans where the repayment timeline is fairly short, in order to keep as much funding moving in our community as possible in support of affordable housing. While applicants who need a longer repayment period or who need a grant rather than a loan are welcome to submit a Letter of Interest (LOI), in the initial round of funding, grants are unlikely to be considered.

Defining Success

WAHF prioritizes funding projects:

  • which are shovel-ready or already under construction,
  • which will add perpetually affordable dwelling units for our community,
  • for which there is a robust business plan with a demonstrable path to completion,
  • for which there are multiple funding sources or for which the majority of funding has already been committed,
  • which include a clear and reasonable repayment plan, and
  • where the applicant can demonstrate a method by which to define and realize perpetual affordability.

WAHF recognizes that affordability can be defined in myriad ways and that housing needs range across economic bands. Applicants will be expected to provide their definition of affordability.

Applicant Eligibility and Process

All applicants must adhere to WCF’s Nondiscrimination Policy.

Organizational Type

501(c)(3) nonprofit organizations, schools, faith-based organizations, tribal entities, and government agencies are eligible to apply.

Fiscal Status

  • Applicants or their fiscal agents must be based in the United States, incorporated as nonprofits in Washington State, and have Federal tax-exempt status.
  • Applicants must be in good financial standing and able to provide an IRS Form 990 from the most recently filed tax year.

Geographic Location

  • Organizations may be based anywhere in the nation, however the project for which funding is sought must be on Whidbey Island.
  • Depending upon the number of applicants, WAHF may give priority to applicants based on and/or primarily serving Whidbey Island.

Multi-Step, Rolling Application Process

  • After reading through these criteria, eligible entities may submit a LOI following the instructions at the bottom of this document.
  • LOIs will be reviewed by the WAHF Advisory Committee, consisting of community members. Applicants will be notified within three weeks whether they are invited to submit a full application and/or participate in an interview with committee members. Recommendations from the Advisory Committee will be submitted to the WCF Board for approval. Successful applicants can expect to receive funding within approximately one month of receipt of full application and/or completion of interview and submission of supporting documents.
  • Applications are accepted on a rolling basis. Each is considered on its own merit, and in light of fund balance, at the time of application.

Project Eligibility

Project Focus

  • WAHF provides bridge loans and, occasionally, grants to close the gap between where a project is and what it needs to reach its next level. The applicant with the greatest likelihood of success will be seeking support for mid-stage and late-stage projects, where $5,000 to $50,000 could provide meaningful support moving from one stage to another.
  • WAHF funds many types of housing projects, including new construction, renovations, and conversions, so long as the project yields perpetually affordable housing.
  • We will prioritize funding projects that align with WCF’s value of equity, and its dedication to the equitable allocation of resources to the diverse communities on Whidbey Island.

Prohibited Activities

  • WAHF does not fund lobbying, political campaigning, or projects for individuals or communities not affiliated with a nonprofit or agency.
  • WAHF does not fund projects that are primarily commercial in nature, or for which the primary objective is at odds with the goal of creating more perpetually affordable housing.
  • WAHF does not fund projects that are out of compliance with local, state, or federal law.

Project Timeline

  • WAHF has a preference for funding mid- and late-stage projects, defined as close to shovel-ready, already under construction, or nearing completion.
  • Successful applicants projects’ will likely be well underway, with a site, a business plan, and significant funding in place.

Instructions to Apply

Fill out your initial LOI below. You’ll be asked to include the following:

  • Organization name, contact information, and Tax ID Number
  • Project name
  • Funding request, including amount requested, due date for funding, and description of what this funding will achieve
  • Description of project’s anticipated cost, timeline, and other funding sources
  • Description of project’s location and anticipated number of units being built/restored/converted
  • Brief description of how affordability is being determined and protected through this project
  • Brief description of whether and how the project advances economic justice or serves historically marginalized communities
  • Brief description of previous experience developing affordable housing, if any
  • Identification of other organizations, agencies, or businesses with whom you plan to collaborate, if any

Interested parties will hear back within three weeks about whether they have been selected to meet with the committee and/or to submit a complete application. Full application guidelines will be provided via email. Full applications, if invited, should include:

  • A letter of nonprofit determination
  • Most recently filed IRS Form 990
  • A business plan with supporting documents
  • A current itemized budget for the organization
  • List of board of directors
  • Most recent financial statements, preferably audited
  • Additional information to substantiate information provided in LOI
  • References and/or contact information for collaborators and partners

WCF and WAHF strive to keep the application process as simple as possible, and will attempt to limit required application materials to those readily on hand.

Disclaimer

  • Meeting the eligibility criteria does not guarantee that a loan or grant will be awarded.
  • WAHF and WCF reserve the right to make final funding decisions based on application quality, program priorities, and fund balance.

Submitting Your LOI

We are moving to an online application through the Grant Lifecycle Manager (GLM) program by Foundant. We encourage you to watch a tutorial about the new GLM system online to learn more. This tutorial will explain how the new system works and will provide step by step instructions for how to create your account. For questions, please contact us at info@whidbeyfoundation.org or 360-660-5041.

Create/Log in to Your GLM Account to Submit your LOI

Interested in Donating?

Great! We are only able to provide grants like these with broad support from our community. If you are a donor interested in supporting the Whidbey Affordable Housing Fund, please visit Whidbey Affordable Housing Fund – Whidbey Community Foundation (whidbeyfoundation.org). WCF is a 501c3 nonprofit organization dedicated to Whidbey Island; all donations are tax-deductible to the extent allowed by law. Learn about different ways to make a charitable contribution here.

Updated July 2025