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May 28, 2010

60 Shoreline units are sold to KCHA

SHORELINE — In partnership with the city of Shoreline, the King County Housing Authority bought the Westminster Manor Apartments, home to low-income seniors and people with disabilities.

Some of the units in the property at 14701 Dayton Ave. N., are subsidized by the federal government. KCHA plans to keep the subsidy, and will leave the remaining rent-restricted apartments available to people whose income is 50 percent or less than the area's median.

Rents will range from approximately $223 to $416 a month. Westminster's tenants' average annual income is just under $10,400.

The property was for sale on the open market. KCHA officials say it most likely would have sold to private investors, who could have raised the rent to market-rate levels.

KCHA paid $2.75 million for the property, assuming the existing mortgage of $166,000 and using a line of credit to finance the difference. Westminster Manor, a non-profit corporation, was the seller.

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