Olympia sells property for construction of 80 more units of supportive housing downtown
Another permanent supportive housing project is in the works, after the Olympia City Council approved a purchase and sales agreement on June 20 for property at 303 Franklin St. NE. The site, now a parking lot near Intercity Transit, will soon be home to 80 apartments.
Jacinda Stelches, affordable housing program manager, presented the plan to the city council. She said it’s the second permanent supportive housing project that’s slated to be finished in early 2026. The first is the Low Income Housing Institute’s 70-unit project taking place on Franz Anderson Road, on the current site of an RV safe parking lot.
Steltjes said the Franklin Street property was on the city council’s 2023 work plan for development. The city chose developer TWG in Indianapolis to take on the project. She said the city is excited to work with TWG because they’re number 5 in the top 50 developers of 2022.
The Franklin Street project will consist of about 80 units, primarily one-bedroom apartments and studios. Half of the units are dedicated to individuals or couples earning 30% or less of the area median income, which is $21,550 for one person. Another quarter, or 20 units, will be for households making 40% or less of the median income. Lastly, the final 20 will be for those making 60% or less of the area median income.
According to information from the City of Olympia, 20 of the 80 units will be for serving homeless households, as defined by the McKinney-Vento Homeless Assistance Act. And another 20 will be for those living with a disability.
TWG plans to apply for state funding this summer and fall in hopes of breaking ground soon after. The developer plans to seek 9% Low Income Housing Tax Credit financing from the Washington State Housing Finance Committee to help fund the project. The company is seeking the state tax credit through a Limited Liability Partnership with 228 Olympia.
The property is currently owned by the City of Olympia and will be sold to 228 Olympia for $1 for the housing project. The contract between the two entities includes a provision that the property must stay affordable housing for low-income residents for the company to maintain control.
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