Enterprise Community Investment is investing in two new affordable housing developments.
The combined investment of more than $22 million will help build Hirabayashi Place in Seattle and The Station at Pleasant View II in Pleasant View, Utah. Financed through the low-income housing tax credit (LIHTC) program, both developments will meet the Enterprise Green Communities criteria.
Part of Enterprise’s national transit-oriented development initiative to pair affordable housing with access to transportation and essential community services, Hirabayashi Place in Seattle’s historic Japantown will contain 96 apartments, 15 of which will be set aside for formerly homeless individuals and families. It is being built in partnership with Interlm CDA and funded in part with $11 million in LIHTC equity provided by Enterprise through investor Morgan Stanley. Hirabayashi Place will provide a range of services to residents, including on-site childcare run by El Centro De La Raza. Construction will begin in 2014.
The Station at Pleasant View II is being funded in part with $11 million in housing tax credit equity provided by Enterprise. It is the second phase of an ongoing development in the area in partnership with Horizon Development and Management. Scheduled to be completed in 2015, the development will have 72 apartments, including nine set aside for people with physical disabilities, five for formerly homeless families, and seven for survivors of domestic violence. Residents will have access to key services that will help them maintain independence, access jobs and care for their families.
