The development of two affordable apartment communities in Tacoma, Wash., took a big step forward after securing critical financing.
Boston Capital announced it is investing $26.3 million in low-income housing tax credit (LIHTC) equity in the construction of 1800 Hillside Terrace, recently renamed The Rise at 19th, a 64-unit development serving families experiencing homelessness, and Arlington Drive Youth Place, a 58-unit development for primarily homeless youth.
These investments represent Boston Capital's first and second partnerships with the Tacoma Housing Authority (THA).
Located 32 miles southwest of Seattle, The Rise at 19th will serve low-income individuals and families experiencing homelessness as well as persons with disabilities. It will feature 40 one-bedroom and 24 two-bedroom apartments in a four-story building. Twenty percent of the apartments are permanent supportive housing units set aside for individuals and small families experiencing homelessness, and 20% are for households for persons with disabilities. Supportive services for residents will be provided by THA's Client Services Department. The Rise will serve families and individuals earning no more than 60% of the area median income (AMI).
The Arlington Drive youth project will feature 48 one-bedroom and 10 two-bedroom apartments in a four-story building. Community amenities will include on-site parking, a community room, laundry facilities, and bike storage. Seventy-five percent of the units (44) will be set aside for homeless households with a preference given to young adults ages 18 to 24. The remaining 14 units will accept residents who may be at risk of homelessness. The apartment community is located on THA's Arlington Drive Youth Campus, which includes a Crisis Residential Center with services administered by Community Youth Services. The YMCA of Greater Seattle will provide additional supportive services tailored to the homeless youth population. Arlington Youth Place will serve individuals earning no more than 60% of the AMI.
"With Michael Mirra, Kathy McCormick, and the Tacoma Housing Authority, we are excited to be involved in creating much-needed affordable and supportive housing for individuals and families facing homelessness in Tacoma," said Jeff Goldstein, COO and director of real estate at Boston Capital. "Through the creation of permanent supportive housing, we can help individuals and families transition from homelessness to living independently in safe and affordable homes."
Boston Capital's investments in these developments add 122 affordable homes to its apartment portfolio. To date, the LIHTC syndicator and real estate investment and advisory firm, has invested in more than 6,000 affordable apartments in Washington.
