Housing Commission finances 170 unit apartments at Bitter Lake

Sunday, November 13, 2016

13280 Linden Ave N

The Washington State Housing Finance Commission recently approved $328 million in financing to construct or preserve more than 1,800 units of housing and expand three Seattle-area nonprofits.

“These projects serve a wide range of needs all across the state,” said Karen Miller, chair of the Housing Finance Commission. “We’re pleased to help enhance these communities through housing and facilities.”

The Commission finances affordable housing and other community needs by issuing tax-exempt bonds or notes and allocating Low-Income Housing Tax Credits (LIHTC). Tax-exempt bonds allow developers to borrow at lower interest rates, while the Low-Income Housing Tax Credit allows them to raise capital by selling the credits to investors in return for equity in the project.

This northend project was recently approved by the governor-appointed Commission:

In North Seattle:

Linden Flats at Bitter Lake, 13280 Linden Ave N (GMD Development, $34 million tax-exempt bond, $17.9 million estimated tax-credit equity).

This complex in north Seattle will comprise 170 apartments and several large community spaces. It will also feature a solar thermal system to help keep utility costs low.


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