Affordable Housing

A woman and three children sit in front of their home, provided through Our Just Future, a Beneficial State Bank client.
Photo by Christine Dong, courtesy of Our Just Future.

Affordable housing is a necessity

Housing is one of our most basic human needs. We make a positive impact through our lending practice — investing depositor dollars in endeavors that serve our communities. That includes financing the development, preservation, and renovation of affordable housing on the West Coast. Supporting deed-restricted affordable housing development and renewal is central to our mission.

California, Oregon, and Washington are all in the top 7 states with highest levels of unhoused individuals in the country, with California in the top position.1 We have lent hundreds of millions of dollars to affordable housing developers in all three states, supporting the development of over 8,400 units.2

    Our affordable housing impact


    State outline of California in orange

    5,351 Affordable Units


    State outline of Oregon in orange

    2,268 Affordable Units


    State outline of Washington in orange

    814 Affordable Units

    A white house with a smile icon on an orange background

    Program for Housing Affordability, Investment, and Renewal (PHAIR)

    Beneficial State Bank created the Program for Housing Affordability, Investment, and Renewal to benefit low- to moderate-income (LMI) communities through simple and competitive loans for deed-restricted and HUD HAP properties. We lend to affordable housing developers who seek to help their communities thrive in cleaner, well-maintained facilities, whether they are purchasing an older building for renovation or building from the ground up.

    The exterior of an affordable housing development
    Photo courtesy of Do Good Multnomah.

    Competitive terms. High-touch service.

    • No origination or bank fees
    • Competitive fixed rates
    • Loan to Value (LTV) ratio up to 80% and Loan to Cost (LTC) ratio up to 85% for deed-restricted properties
    • Minimum Debt-Service Coverage Ratio (DSCR) of 1.15:1 for deed-restricted properties
    • Loan maturity and amortization of up to 30 years
    • Efficient underwriting and closing
    • Construction lending available upon request
    • Closing credits available on some transactions

    Supportive banking services

    • Operating and Treasury services
    • Property management deposit accounts
    • Individual Development Accounts (IDAs) and Sponsor Programs
    • Financial wellness educational classes or 1-on-1 financial coaching

    Our clients

    The vast majority of our housing development lending goes to affordable housing projects, specifically deed-restricted and HUD Housing Assistance Payments properties (Section 8 housing). Affordable housing is a foundational part of our lending and we are proud of what our clients do every day to combat our housing crisis.

    A chat bubble with a smile on it

    To learn about our affordable housing banking services, please reach out to our team.

    Spotlight on Affordable Housing

    Housing is a human right. Supporting deed-restricted affordable housing development and renewal is central to our mission.

    Read More

    1 Homelessness Statistics by State, United States Interagency Council on Homelessness (USICH)

    2 Beneficial State Impact Report