Inland Group Debuts $82M Washington Affordable Community
All units are designated for households earning no more than 60 percent of Area Median Income.
Inland Group and Horizon Housing Alliance have opened Copper Way, a 256-unit affordable housing community in Spanaway, Wash. When the project broke ground in 2023, total costs were estimated at $82.4 million.
Washington State Housing Finance Commission issued $42 million in tax-exempt bonds with Citibank as trustee to refinance a prior construction loan of $42 million issued by Wells Fargo Bank, Yardi Matrix data shows. Additional funding included a $4.5 million note originated by Pierce County and an $8.7 million loan from Evergreen Impact Housing Fund.
Benefiting from the 4 percent LIHTC program, all of Copper Way’s units are reserved for households earning up to 60 percent of Area Median Income. Floorplans feature one- to four-bedroom layouts ranging from 801 to 1,389 square feet.
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More than 80 percent of the community’s apartments include two or more bedrooms, having been built to accommodate families. Amenities include a swimming pool and clubhouse comprising a resident lounge, business center, game room and gym.
Copper Way is at 19406 Mountain Highway E., less than 2 miles from downtown Spanaway and roughly 15 miles south of downtown Tacoma, Wash. The Joint Military Base Lewis-McChord is about 9 miles away.
Funding affordable projects in Washington State
EIHF—a financing structure working alongside the WSHFC to complement public funding—provided a catalytic capital infusion through debt. A variety of Washington State credit unions financed Copper Way. Boeing Employees Credit Union, Sound Credit Union, Verity Credit Union and Washington State Employees Credit Union have been investing in EIHF since 2020.
EIHF backs projects that secured the bundled package of federal 4 percent LIHTC and tax-exempt bonds originated by the WSHFC. The investment vehicle then issues the final 10-12 percent of funds needed to fill the capital stack via long-term, low-interest loans.
Additional qualifying criteria are related to location—developments must be within a HUD-identified Difficult to Develop Area or a Qualified Census Tract. Another condition is unit count, which must be above 200.
Inland is building another affordable community with debt from EIHF. Polaris at Totem Lake, a 440-unit affordable housing development, will come online in 2026. The project is in Kirkland, Wash., some 50 miles northeast of Copper Way.
