Upside Of Economic Downturn: Low-Income Housing In Seattle

The Downturn’s Upside: Low Income Housing

Posted on 06. Aug, 2010 by Nora Betz in News

In Seattle’s U District, there were plans to build a boutique hotel but with the current economic slow down, LIHI (Low Income Housing Institute) swooped in to purchase the project and create affordable housing. The low-income housing project will be called the University Apartments and will provide 63 units for homeless, half of them veterans.

Luckily, the original developer had already permitted plans for the hotel to have studio and single-bedroom spaces, equipped with a small kitchen and bath, which suits the standard for low-income housing perfectly.

LIHI was able to purchase the “package project” for the modest price of $2.5 million with the help of a bridge loan from the City of Seattle and United Way, both members of the Funders Group of the Committee to End Homelessness in King County.

On July 19th, the community project broke ground with a ceremony however the project will not be complete for a few more years. This type of project is unique because it incorporates community room and professional health services.

The University Apartments is a successful story of a recession-damaged project being brought to life for the betterment of society at large.

Source: http://crosscut.com/2010/07/27/social-services/19995/Upside-of-a-downturn:-new-neighborhood-housing-for-the-low-income/

Share This Article