Affordable housing projects in Puyallup and Lacey received a boost from the state Housing Finance Commission this week.
The commission awarded $234.2 million in financing for the proposals, which will result in 966 new apartments or other units. The financing includes tax-exempt bonds or notes, which allow developers to borrow money at lower interest rates, and allocating low-income housing tax credits, which developers can sell to investors.
Financing for two Puyallup projects was approved:
▪ Wesley Homes Bradley Park, 707 39th Ave. S.E.: $87 million tax-exempt bond through the commission’s nonprofit facilities program. The newly constructed retirement facility in South Hill includes 131 independent living apartments, 50 assisted-living units and 17 memory-care units.
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▪ Copper Valley Apartments, 104th Ave. E. and 47th Ave. S.E.: $25 million tax-exempt note, $15.9 million estimated tax-credit equity. The project will include 220 apartments.
One project in Lacey was financed:
▪ Reserve at Lacey, 6100 Pacific Ave. S.E.: $45.9 million tax-exempt note, $21.3 million estimated tax-credit equity. The project will have 308 apartments for low-income seniors aged 55 and older.
A project in Airway Heights, on the western outskirts of Spokane, was also awarded financing:
▪ Basalt Ridge Apartments, 3600 W. Sixth Ave.: $26 million tax-exempt bond, $13.1 million estimated tax-credit equity. The 240-unit complex is expected to open in spring of 2018. In a news release, the commission said it meets an emerging need for housing employees of a new casino hotel.