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State commission finances new affordable housing for veterans in Federal Way
The Washington State Housing Finance Commission allocated on Thursday low-income housing tax credits that will finance an affordable housing development for low-income veterans in Federal Way.
The commission also financed three other projects around the region that will add affordable housing in Seattle and South King County.
“Housing credits are vitally important to adding affordable housing in Washington state, especially for seniors and people with low income,” said Karen Miller, chair of the commission. “We are proud to be a part of financing these worthy projects.”
The four projects are the first from the 2013 tax-credit competition to be approved and announced by the governor-appointed commission.
The low-income housing tax credit helps affordable-housing developers raise capital for new buildings and renovations by selling the credits to investors.
The projects financed include:
• Veterans housing and services (Multi-Service Center, Federal Way, $834,070). Creates 44 new apartments in for low-income veterans, with close partnerships with the VA and others to provide a wide range of medical, mental health, employment and other support services.
• Plaza Roberta Maestas (El Centro de la Raza, Seattle, $2 million). Creates 110 low-income apartments for families, located right next to the Beacon Hill light-rail station. It will include child care, a community center and retail spaces.
• Interbay Supportive Housing (Downtown Emergency Services Center, Seattle, $1.5 million). Creates 97 studio apartments with 24-hour supportive services for chronically homeless residents, in the Interbay area of Seattle.
• Vantage Point Apartments, Phase 2 (King County Housing Authority, Renton, $922,950). Creates 45 apartments for low-income seniors, including community spaces for exercise, crafts, and gatherings.
During its monthly meeting, the commission also approved bond issuances to finance the rehabilitation of the Lake Washington Apartments in South Seattle; the renovation and improvement of a Seattle continuing-care retirement community owned by nonprofit Horizon House; the construction of a new YMCA community center in Sumner; and energy-saving upgrades that are part of the remodel of the Bainbridge Town and Country Market. These financings will close in the next few months.