Enterprise Community Investment has financed its 2,000th low-income housing tax credit (LIHTC) development.
With its partners, the firm celebrated the grand opening of Cheryl Chow Court in Seattle’s Ballard neighborhood. The development provides 50 studio and one-bedroom affordable apartments for formerly homeless and low-income seniors in an area experiencing a surge in construction of high-end, market-rate apartments.
“Enterprise is honored that our 2,000th low-income housing tax credit equity investment supports formerly homeless and low-income seniors at Cheryl Chow Court. Our country is in the midst of a housing insecurity crisis, and in Seattle, it is a growing issue,” said Charlie Werhane, president and CEO of Enterprise Community Investment, in a statement. "At Enterprise, we believe home is the foundation of opportunity. That’s why we have set a goal to end housing insecurity in the U.S. within a generation. That means no more homelessness and no more families paying more than half of their income on housing.”
Developed by the Low Income Housing Institute, the property is named after former Seattle City Council member Cheryl Chow, who persuaded the City Council to approve the development of housing for homeless families, youth, and singles at the former Sand Point Naval Station at Magnuson Park. As chair of the council’s housing and human services committee, she was also instrumental in the creation of the urban rest stop in downtown Seattle 14 years ago, which provides free showers, laundry, and restrooms to the homeless.
A Ballard urban rest stop is under construction in the first floor retail space of Cheryl Chow Court.
Located down the street from the Ballard Public Library and Ballard Commons, the development is close to Swedish Ballard Hospital, shopping, and many amenities. The property operates under the Department of Housing and Urban Development (HUD) Sec. 202 program for the elderly, with a project rental assistance contract on all apartments, with residents paying 30% of their income in rent.
Enterprise provided $3.6 million in net equity for the development through its Enterprise Housing Partners 24 Fund.
Other funding partners in the nearly $14 million development include HUD, the city of Seattle, Banner Bank, the Federal Home Loan Bank of Seattle, Washington State Housing Finance Commission, and Duncan Haas & Birgit Walbaum.