New affordable apartments for seniors in Federal Way and families in Everett will be financed through $89 million, which the Washington State Housing Finance Commission approved on Dec. 17.
“We’re glad that our last resolutions of 2015 could help create these brand-new homes for seniors and families,” said Karen Miller, chair of the Housing Finance Commission. “Both projects will be an asset to their respective communities.”
The Commission finances affordable housing and nonprofit housing by issuing tax-exempt bonds or notes and allocating low-income housing tax credits.
Tax-exempt bonds allow developers to borrow at lower interest rates to create or renovate affordable housing, while the low-income housing tax credit allows them to raise capital by selling the credits to investors. (The dollar amount is the estimated tax-credit equity over 10 years.)
The second phase of a planned two-building housing development for seniors near Celebration Park, the Celebration Senior Living West project will add 189 apartments and share many amenities with the existing building (Celebration Senior Living East), while saving low-income seniors several hundred dollars than they would pay in market rents. Celebration Senior Living West is located at 1316 S. 328th St. (Senior Housing Assistance Group, $21 million tax-exempt bond, $11.1 million estimated tax-credit equity).
The Gateway Apartments in Everett consists of 177 apartments and features amenities for families and large units of two to five bedrooms each (DevCo, Inc., $34 million tax-exempt bond, $18 million estimated tax-credit equity).
