The Washington State Housing Finance Commission is scheduled to hear a request today to authorize up to $12.5 million in tax-exempt revenue bonds to finance the purchase of and planned improvements to the Coventry Court and St. Andrews Court apartments in Spokane, by a California developer.

Coventry Court is a four-story, 87-unit apartment building at 1600 W. Pacific, in the Browne’s Addition neighborhood west of downtown, and St. Andrews Court is a three-building, 80-unit complex at 1814 N. Post, in the Emerson Garfield neighborhood on the North Side.

Both properties are low-income housing complexes aimed primarily at seniors.

Commission spokeswoman Margret Graham says Spokane 2 Preservation LP, an affiliate of Torrance, Calif.-based developer Preservation Partners Management Group LP, plans to buy and improve the properties, using a combination of bond financing and low-income housing tax credits.

The financing package is intended to provide incentives to investors, who would receive tax-free income, and developers, who would incur below-market interest rates, Graham says.

The financing stipulates a 30-year commitment assuring the property will remain low-income housing, Graham says.

Preservation Partners specializes in developing and managing senior and multifamily low-income housing complexes.

Graham says the company has used commission financing to purchase, renovate, and extend affordability of several other properties throughout Washington state.

Renovation plans for Coventry Court and St. Andrews Court include installing new kitchen appliances, countertops, cabinets, flooring, windows, and energy-efficient bathroom appliances, Graham says.

Preservation Partners also is planning to update community space and improve landscaping at both properties, she says.

Coventry Court and St. Andrews Court both currently are managed by Spokane-based commercial real estate brokerage Kiemle & Hagood Co., a representative of which couldn’t be reached immediately for comment.

Both properties are in the federal Section 8 housing programs through which rents for low-income residents are subsidized by the U.S. Department of Housing and Urban Development.

Graham says Preservation Partners is seeking to renew the Section 8 designation for the apartments.

The housing finance commission is a self-supporting agency that works with other agencies and organizations to improve access to affordable housing by encouraging private investment.