Enterprise Community Investment Marks 2,000th LIHTC Investment
- Apr 30, 2015
Seattle—Enterprise Community Investment Inc. (Enterprise) celebrated its 2,000th Low-Income Housing Tax Credit equity investment.
Cheryl Chow Court, located in the Ballard neighborhood of northwestern Seattle, offers 50 studio and one-bedroom affordable apartments for formerly homeless and low-income seniors in an area undergoing a boost in development of luxury, market-rate apartments.
“Enterprise is honored that our 2,000th Low-Income Housing Tax Credit equity investment supports formerly homeless and low-income seniors at Cheryl Chow Court. Our country is in the midst of a housing insecurity crisis, and in Seattle, it is a growing issue,” said Charlie Werhane, president and CEO, Enterprise Community Investment Inc. “At Enterprise, we believe home is the foundation of opportunity. That’s why we have set a goal to end housing insecurity in the U.S. within a generation. That means no more homelessness and no more families paying more than half of their income on housing.”
The Enterprise Housing Partners 24 Fund provided $3.6 million in net equity for the development of Cheryl Chow Court. This made the affordable housing investment process significantly more efficient by supplying partners with unique, flexible pricing and nationwide market options.
Developed by the Low Income Housing Institute (LIHI), the property is named after former Seattle City Council member Cheryl Chow, who influenced the Seattle City Council to approve the development of housing for homeless families, youth and singles at the prior Sand Point Naval Station at Magnuson Park. As the chair of the council’s housing and human services committee, Chow lent a hand in creating the urban rest stop in downtown Seattle 14 years ago, which provides free showers, laundry and restrooms to homeless men, women and children.
A Ballard urban rest stop is currently being built in the first floor retail space of Cheryl Chow Court. Situated down the street from the Ballard Public Library and Ballard Commons, the property is nearby Swedish Ballard Hospital, shopping and numerous amenities. Cheryl Chow Court runs under the HUD Section 202 program for the elderly with a project rental assistance contract on all apartments, with residents paying 30 percent of their income in rent.
“LIHI is delighted to provide affordable senior housing in Ballard, one of the most attractive, livable and walkable neighborhoods in Seattle,” said Sharon Lee, executive director, LIHI.
Conveniently located nearby numerous bus routes, the development is designed to meet Enterprise Green Communities Criteria, the first national framework for green affordable housing. Features include low counter heights, level door hardware and increased accessibility with roll-in showers. Water efficiency features include low-flow fixtures, native plant landscaping and effective drip irrigation. A green-roof area slows rainwater runoff into storm drains.
Funding partners for the nearly $14 million project include HUD, the City of Seattle, Banner Bank, the Federal Home Loan Bank of Seattle, Washington State Housing Finance Commission and Duncan Haas & Birgit Walbaum.