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June 13, 2024

Capital One provides $47M for White Center project

Community Roots Housing and the White Center Community Development Association broke ground last month on their White Center Community HUB, which is to include 76 affordable units, plus services provided by local partners. Now follow some financial details from Capital One, which provided a $23.4 million construction loan. It also made an equity investment of $23.2 million via the federal low income housing tax credit program, or LIHTC. The bank's James Chase said in a statement, “Financing the creation of new affordable housing is an important part of advancing King County's goal of reducing housing cost-burden among low-income households.” From Community Roots, Chris Persons added, “This development embodies our vision to provide stable, affordable housing and supportive services for residents across this community.” Units will be affordable to households earning in a range from 30% to 60% of area median income. Marpac is the builder of the midrise project, and Side x Side Architects the designer. The goal for completion is autumn 2025.




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