WALLA WALLA, Wash. -- $38 million in tax exempt bonds from the Washington Higher Education Facilities Authority is going to Whitman College in Walla Walla to build a new residential village for juniors and seniors.
The new residential village will be fitted with three buildings, surrounding a large central lawn and terrace. 212 beds in 69 apartment-style units will also be equipped with kitchens. The village is expected to be completed by August 2025.
WHEFA's bond financing will also allow for the college to make renovations and improvements to two fraternity houses, including adding two one-bedroom and two two-bedroom cottages.
According to Whitman College officials, increasing campus housing students who often rent in the Walla Walla community will hopefully alleviate the lack of housing supply for non-student renters.
"The new junior-senior residential village advances multiple objectives for both Whitman College and the City of Walla Walla," said Jeff Hamrick, the college’s vice president for finance and administration. "Our juniors and senior students will build enduring friendships and a stronger sense of community, bring their energy and sense of place to the downtown corridor, and make housing units available for other members of the Walla Walla community. It's a win-win situation.”
Tax-exempt bonds issued by WHEFA provide financing at lower interest rates than comparable taxable bonds, saving money for the agency’s member colleges and universities across Washington.
“We get excited every time we can partner to make a difference. The issuance of these bonds will create and renew housing not only to help students as they reach their academic goals, but to relieve pressure on other renters in Walla Walla,” said Gene Sharratt, outgoing WHEFA board chair. “That's a win for everyone.”
