Seven projects, 457 affordable homes financed
Real Estate Developers and Nonprofit Organizations will make or renovate 457 affordable homes which are cheap and spread across the state, for almost $67 million in financing approved by the Washington State Housing Finance Commission.
“We are very pleased to be a part of creating and renovating these affordable homes, which will not only help individual households but also create jobs and enhance communities across the state,” said Karen Miller, chair of the Housing Finance Commission.
Five of those projects will put in reasonably priced apartments along the I-5 corridor of Western Washington and another will refurbish 141 apartments for seniors in Yakima. Also, the Suquamish Tribe will set up 12 new single-family homes on the Port Madison Indian reservation in Kitsap County, which will later changed to homeownership
Stephen Buxbaum, Olympia Mayor, was present at the Commission meeting to talk in support of Olympia Commons, a planned affordable apartment building in downtown Olympia. Thanks to cooperation between the city and the developer, the nonprofit Low Income Housing Institute, the building will be situated several blocks away from its original planned site to fix up community concerns.
All seven projects below were financed after productively competing for Low-Income Housing Tax Credit share in the 2015 round. The Low-Income Housing Tax Credit assists low cost-housing developers lift the capital for new buildings and renovations by selling the credits to investors. (The dollar amount is the estimated tax credit equity over ten years.
1. Kitsap County: Totten Housing Development
2. Seattle: Seventh & Cherry Supportive Housing
3. Shoreline: Compass at Ronald Commons, 17839 Aurora Ave.
4. Tacoma: Bay Terrace Phase II, 2550 South G St.
5. Olympia: Olympia Commons, 318 State Ave. NE
6. Marysville: Twin Lakes Landing, 164th Street NE
7. Yakima: Sun Tower, 6 North 6th St.
8. Seattle: Pacific Science Center
9. Everett: Dawson Place Child Advocacy Center