Boston Capital Invests in Affordable Community in Seattle
- Oct 09, 2015
Seattle—Boston Capital is investing in the groundbreaking of workforce housing.
Jackson Workforce Apartments will offer 68 units to individuals and families in Seattle. The developer is the Low Income Housing Institute (LIHI) based in Seattle.
The apartment community will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Homes will be available to families and individuals earning 60 percent less than the Area Median Income (AMI). Fifteen units will be available to families with incomes at or below 50 percent of the AMI.
“We are excited to invest in the construction of 68 affordable homes for individuals and families in Seattle, an area with a fast growing population, employment and rent growth,” said Jack Manning, president and CEO of Boston Capital. “With great partners like Sharon Lee and the Low Income Housing Institute, Boston Capital continues to invest in well-located, high-quality affordable homes, bringing much-needed housing for families to the Seattle community.”
Jackson Workforce Apartments will provide 24 studios and 27 one-bedroom, 16 two-bedroom, and one three-bedroom units in a six-story, elevator-equipped building. The 68 homes will fulfill the state’s Evergreen Sustainable Design Standard, will highlight Energy Star appliances and low-flow water fixtures. Property amenities will include a community room with a computer bar, a kitchen, bike room, common area laundry rooms and a rooftop deck with incredible views, planters, outdoor seating and a barbecue. The apartment community will be situated near schools, grocery stores, restaurants, hospitals and the public library.
The construction of Jackson Workforce Apartments will create $7.3 million in local salaries and create nearly 77 job opportunities in the Seattle area. Boston Capital’s investment in the development adds 68 affordable homes to its portfolio. To date, Boston Capital invested in nearly 3,855 affordable apartments in Washington.