Boston Capital is investing in the construction of Jackson Workforce Apartments, a 68-unit development in Seattle. The developer is the Low Income Housing Institute, based in Seattle.
Homes at the Jackson Workforce Apartments will be available to families and individuals earning no more than 60% of the area median income (AMI). Fifteen units will be available to families with incomes at or below 50% of the AMI.
"We are excited to invest in the construction of 68 affordable homes for individuals and families in Seattle, an area with a fast growing population, employment, and rent growth," said Jack Manning, president and CEO of Boston Capital, in a statement.
The firm is providing $7.4 million in low-income housing tax credit equity.
Jackson Workforce Apartments will feature 24 studio, 27 one-bedroom, 16 two-bedroom, and one three-bedroom units in a six-story, elevator-equipped building. The 68 homes, which will meet the state's Evergreen Sustainable Design Standard, will feature Energy Star appliances and low-flow water fixtures. Development amenities will include a community room with computer bar, a kitchen, a bike room, common area laundry rooms, and a rooftop deck. The apartment community will be located near schools, grocery stores, restaurants, hospitals, and a public library.
The construction of Jackson Workforce Apartments will generate $7.3 million in local salaries and create nearly 77 jobs in the Seattle area. To date, Boston Capital has invested in nearly 3,855 affordable apartments in Washington.