The Washington State Housing Finance Commission has approved $110 million in financing to three developments that will provide more than 600 affordable apartments.
The developments will be built in King and Snohomish counties, and the approved financing, which includes tax-exempt mortgage-backed revenue bonds and low-income housing tax credits (LIHTCs), ensures that the housing will remain affordable for 30 to 40 years.
The three projects are:
• University Commons in Seattle— A partnership between the Low Income Housing Institute and YouthCare, this new building will feature 48 apartments targeted to homeless youth and others. The apartments will be above a new facility for the U-District Food Bank and a café, both of which will provide job-readiness and job-skill training for the building’s young adults. The approved financing will provide $8.7 million in estimated LIHTC equity This is the first allocation from the 2015 tax credit competition.
• Scriber Creek Apartments in Snohomish County near Lynnwood—This complex will create 276 units for families earning up to 60% of the area median income, while protecting nearby wetlands that buffer Scriber Creek. Developer DevCo will incorporate units set aside for people with disabilities or large households. The development will receive about $44.4 million in bonds and $12.9 million in estimated LIHTC equity.
• The Reserve at SeaTac—Just three blocks from a new light-rail station currently being built south of Sea-Tac Airport, this senior-living apartment complex will add 289 affordable units for seniors. The affordable housing complements a 2-million-square-foot office, retail, and conference hotel project also planned near the station in the transit-oriented development zone. Developer AVS Communities will receive about $33 million in bonds and $11.2 million in estimated LIHTC equity.