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May 2014

Housing Commission helps affordable-housing developers

Nearly 300 homes Created for low-income King County residents

By NWREporter

May 2014

Nearly 300 new dwellings at four developments in Seattle and South King County are being created for low-income families, veterans, seniors and homeless people. The projects are the first from the 2014 Low-Income Housing Tax credits allocated by the Washington State Housing Finance Commission.

The tax credit helps affordable-housing developers raise capital for new buildings and renovations by selling the credits to investors.

The projects, valued at nearly $3.5 million, include:

  • Plaza Roberta Maestas (El Centro de la Raza, Seattle, $2 million). Creates 110 low-income apartments for families and will include child care, a community center and retail spaces. It is located next to the Beacon Hill light-rail station.
  • Veterans housing and services (Multi-Service Center, Federal Way, $834,070). Creates 44 new apartments for low-income veterans. It will have close partnerships with the VA and others to provide a wide range of support services including medical, mental health, and employment.
  • Interbay Supportive Housing (Downtown Emergency Services Center, Seattle, $1.5 million). Creates 97 studio apartments in Seattle's Interbay area with 24-hour supportive services for chronically homeless residents.
  • Vantage Point Apartments Phase 2 (King County Housing Authority, Renton, $922,950). Creates 45 apartments for low-income seniors. It will include community spaces for exercise, crafts and gatherings.

"Housing credits are vitally important to adding affordable housing in Washington state, especially for seniors and people with low income," said Karen Miller, chair of the Housing Finance Commission. "We are proud to be a part of financing these worthy projects."

During a meeting in February, the governor-appointed Commission also approved bond issuances for four other projects. They include the rehabilitation of the Lake Washington Apartments in South Seattle, the renovation and improvement of a Seattle continuing-care retirement community owned by nonprofit Horizon House, the construction of a new YMCA community center in Sumner, and energy-saving upgrades that are part of the remodel of the Bainbridge Town and Country Market.

The Washington State Housing Finance Commission is a publicly accountable, self-supporting team that brings private investment dollars to benefit families and achieve public goals throughout Washington. Over 30 years, the Commission has created and preserved more than 275,000 affordable homes across the state, while contributing more than $42.5 billion and 240,000 jobs to the economy.