Boston Capital is investing in the construction of Little Saigon, a 69-unit affordable housing development for families being developed by the Low Income Housing Institute (LIHI) in Seattle.
Located in the city’s Little Saigon neighborhood, the apartment community will be built with the help of approximately $9 million in low-income housing tax credit (LIHTC) equity from Boston Capital and will serve families earning no more than 60% of the area median income (AMI).
"We are excited to invest in the construction of 69 affordable homes for individuals and families in Seattle, an area with a strong economy, employment growth, and rental market," said Jack Manning, president and CEO of Boston Capital. "With great partners like Sharon Lee and the Low Income Housing Institute, Boston Capital continues to invest in well-located, high-quality affordable homes, bringing much-needed housing for families to the Seattle community."
Little Saigon will feature six studio, 43 one-bedroom, and 20 two-bedroom units in a six-story, elevator-equipped building. Development amenities will include a second-floor community lounge, a 1,300-square-foot community space with a kitchenette on the first floor, and common laundry facilities on each floor. The apartment homes will feature energy-efficient appliances, including dishwashers and central heat. Supportive services will be available upon request and will be provided free of charge to the residents.
In addition to the income-restricted family units, the building will contain two retail spaces and one two-level office space. The office will be the new headquarters for nonprofit LIHI and its subsidiary management company. The retail and commercial spaces will be owned by a separate newly formed condominium association.
Boston Capital's investment in this development adds 69 affordable homes to its apartment portfolio. To date, Boston Capital, a real estate investment and advisory firm, has invested in 36 affordable apartment communities in Washington totaling nearly 5,600 units. Little Saigon represents Boston Capital's third investment with LIHI.
