Affordable Housing Project in Suburban Seattle Obtains Financing
- Apr 27, 2011
Kirkland, Wash.–Saint Andrew’s Housing Group (SAHG), which develops affordable housing in suburban Seattle, has won financing for construction of a multifamily housing development, Francis Village Apartments in Kirkland, Wash. Funding will be through the sale of $10 million in Low Income Housing Tax Credits (LIHTC) awarded by the Washington State Housing Finance Commission, syndicated by Raymond James Tax Credit Funds and purchased by Nationwide. Other financing is being made possible through Housing Trust Funds from the state of Washington, the Washington County Reinvestment Association, King County funds and a regional coalition for housing funds.
The first phase of the project will be a five-story building offering studio, one- and two-bedroom units. It will offer 61 total units, 75 percent of which will be allocated to formerly homeless individuals and families under the homeless set-aside requirements of the Washington State Housing Finance Commission.
“The availability of 9 percent LIHTCs is established on a per-capita basis for each state, so the amount of LIHTCs available as a fund source will not change,” Steve Kropf, executive vice president and director of investments for Raymond James Tax Credit Funds, tells MHN. “However, soft debt and other grant fundings have been impacted by the various state and municipality austerity efforts, which is impacting some LIHTC transactions as gaps in the funding sources cannot all be filled.”
Francis Village Apartments amenities will include a computer lab, community room, central laundry facility and limited-access entry. Contracted social-service providers will offer employment training, case management and life-coaching services to tenants who were formerly homeless.
Thus far SAHG has developed 10 properties serving more than 965 individuals and families in King County. The developer also offers a variety of services designed to help build life skills for residents and increase their financial stability.
Raymond James Tax Credit Funds is a subsidiary of St. Petersburg, Fla.-based Raymond James Financial Inc., and has raised more than $3.1 billion in equity for more than 1,300 properties since the inception of the tax-credit program in 1986. Columbus, Ohio-based Nationwide is one of the largest insurance and financial services organizations in the country.