The Washington State Housing Finance Commission (WSHFC) approved more than $105 million in financing for eight affordable housing developments—seven new construction projects and one historic rehabilitation proposal.
The developments will provide 575 affordable apartments across the state.
Three projects are in Spokane, with the others in rural Othello, downtown Tacoma, South Seattle, and Olympia.
The seven new projects were funded after successfully competing for low-income housing tax credits (LIHTCs) in the 2015 round, reported WSHFC officials. The projects are:
· Mercy Othello Plaza West in Seattle by Mercy Housing Northwest ($8.5 million estimated LIHTC equity):
This is the first phase of a two-phase housing development across from the Othello light-rail station in South Seattle. Mercy Housing Northwest successfully competed to develop the site, which has been vacant for more than 10 years. The building will offer 40 family-sized apartments and services, in a rapidly developing area where 800-plus market-rate apartments are planned.
· Providence Redmond Senior Housing in Redmond by Providence Health & Services-Washington ($16 million estimated LIHTC equity):
With the support of the city of Redmond, which provided a 75-year lease for a dollar a year, this new building will provide74 independent apartments for seniors close to the library, senior center, public transit, and shops. It will also house a PACE senior health center on the first floor.
· Devoe II Veterans’ Housing in Olympia by Catholic Community Services of Western Washington ($8 million estimated LIHTC equity):
This new building with 50 apartments for the formerly homeless will combine with the adjacent Drexel House for a campus-like setting of housing, services and community space, both indoor and outdoor.
· Father Bach Haven II in Spokane by Catholic Housing Services of Eastern Washington ($8.5 million estimated LIHTC equity) and
VOA 2nd Avenue in Spokane by Volunteers of America of Eastern Washington and Northern Idaho ($8.1 million estimated LIHTC equity):
These two adjacent projects of permanent housing for the formerly homeless, though built by different agencies, build on the success of the first Father Bach Haven apartments which opened in late 2012. Each building offers 50 studio and one-bedroom apartments as well as a wide range of on-site services for residents.
· West 315 in Spokane by Community Frameworks ($5.1 million estimated LIHTC equity):
This new building with 32 affordable apartments will replace Community Frameworks’ current office building a mile north of downtown Spokane, in an area of other developments contributing to a local revitalization.
· Guadalupe Haven in Othello by Catholic Housing Services of Eastern Washington ($10.9 million estimated LIHTC equity):
Supported by the small but growing town of Othello, this new project focused on farmworkers will offer 85 family-sized apartments as well as community space for children and families. It is adjacent to the existing Desert Haven apartments, a similar recent development.
The Commission also approved a combination of a tax-exempt note and LIHTC equity for another project:
· The Winthrop in Tacoma by Redwood Housing Partners ($28 million tax-exempt note and $12.2 estimated tax credit equity):
A win for downtown Tacoma, this project would fully renovate the dilapidated Winthrop, which was built in 1925 as the city’s flagship hotel and converted to 194 affordable apartments in 1972. The project’s other financing includes historic tax credits.