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November 30, 2015

State OKs $182M for new apartments

By JOURNAL STAFF

SEATTLE — The Washington State Housing Finance Commission recently approved $182 million for nearly 800 new affordable apartments in Western Washington.

The commission issues tax-exempt bonds and awards low-income housing tax credits.

The financing will support four projects:

• Mercy Othello Plaza East, a 108-unit mixed-use project at 6940 Martin Luther King Jr. Way S. in Seattle ($24.4 million). The complex will also house Mercy Housing's regional headquarters.

• The Reserve at Lynnwood, a 295-unit complex for seniors at 19815 Scriber Lake Road ($61.3 million). The developer is AVS Communities.

• Promenade Apartments, a 294-unit complex for families at 31021 129th Ave. S.E. in Auburn ($78 million). A 10,000-square-foot YMCA child development center will be part of the project. DevCo is the developer.

• 13 West Apartments, a 92-unit building at West 13th and Columbia streets in Vancouver developed by DBG Properties ($16.6 million).




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