SEATTLE — Bellwether Housing will break ground this week on a new 200-unit affordable housing development at 916 N 143rd St in the Bitter Lake neighborhood of North Seattle.
The development is one of the first affordable housing developments to be supported by Seattle Foundation’s Evergreen Impact Housing Fund (EIHF). EIHF provided a catalytic loan for the project. When coupled with more traditional financing sources, EIHF’s patient and low-cost capital allowed Bellwether to build this deeply affordable housing development.
“Mission-driven investments from our region’s private sector, like those that created the EIHF, are the biggest transformation in affordable housing finance in decades,” says Susan Boyd, CEO of Bellwether Housing. “Instead of waiting in line for scarce State and local capital subsidies, a process that typically adds 2 years to our development timeline, we were able to get this development underway quickly. This means more families will have access to affordable housing much sooner than they otherwise would have without the EIHF. ”
“The Evergreen Impact Housing Fund is excited to support this critical affordable housing development in the Bitter Lake neighborhood. Too many working-class people are being priced out of King County because there is simply not an adequate supply of affordable housing—especially units that are big enough for families and close to public transit. EIHF’s goal is to provide the social impact financing that makes these large-scale developments possible and increases the supply of apartments that working families can afford,” said Kris Hermanns, Chief Impact Officer at Seattle Foundation, which manages EIHF.
Bellwether’s new development will provide housing affordable to individuals and families making between $46,500 for one person and $66,420 for a family of four. Bellwether has incorporated a large number of 2- and 3- bedrooms units to serve larger families who are underserved by the rental market.
The location is ideal for people who use transit on Aurora or bike commute to downtown. The development will also be near the future Sound Transit Light Rail at station at 130th NE, opening in 2025. Neighborhood amenities include the Bitter Lake Reservoir and Park, P-Patch Community Garden, playfields, a community center, and the Interurban Bike Trail.
This development is part of Bellwether’s plans to create or acquire 2500 new affordable homes by 2025 to meet the intense need in King County for housing options for lower income households. It is scheduled to open in 2023.
About Bellwether Housing:
Bellwether Housing is the largest private, nonprofit affordable housing provider in Seattle. Bellwether has developed, owned, and operated housing for low-income individuals, families, seniors, and households transitioning out of homelessness since 1980. Today we serve 4000 residents in 2,500 apartments throughout Seattle.
About The Evergreen Impact Housing Fund:
The Evergreen Impact Housing fund ensures housing options for working families in King County by targeting a persistent and growing gap in affordable housing funding. This makes it possible to finance more affordable housing more efficiently.