Bothell affordable housing development receives help from Housing Finance Commission

The Washington State Housing Finance Commission has approved a total of $253.1 million in financing for the rehabilitation or new construction of more than 1,000 affordable apartments across western Washington, including a senior living facility in Bothell.

“It’s critical that we not only build new rental housing that is affordable to seniors, families, and others, but also that older housing is rehabilitated and kept affordable,” Housing Finance Commission Chair Karen Miller said. “Federal housing tax credits and tax-exempt bonds are key to that investments.”

The Commission finances affordable housing 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.

Boulevard Place Senior Living in Bothell received help from the Senior Housing Assistance Group for a $50.5 million tax-exempt note and a $2.9 million tax-credit equity. Boulevard Place is located at 18221 Bothell Way NE. On the site of a former Safeway in downtown Bothell, the new community for seniors will be made up of 291 apartments, including set-asides for disabled persons. It will join market-rate apartments, also being built on site, and retail tenants anchored by Banner Bank.

More in Business

Former Tully’s locations spring back to life

Following the coffee chain’s collapse earlier this year, other Eastside businesses are moving in.

Bothell Main Street business bouncing back after construction

After a fire and construction slowed business, many merchants are seeing people return.

Bothell City Hall. File photo
Developers miss deadline to salvage Bothell hotel project

The city council set a deadline of July 20 for Bothell Hotels LLC to submit a new plan.

Developers miss deadline to salvage Bothell hotel project

The city council set a deadline of July 20 for Bothell Hotels LLC to submit a new plan.

Select Gourmet Foods hopes to reopen by summer’s end

The butcher’s shop took damage from a fire last August but the owners are hoping to make a comeback.

Guest House gives Kenmore locals another eatery option

The restaurant is located just north of St. Edward State Park in south Kenmore.

Bothell chamber of commerce changes name to include Kenmore

The Bothell chamber of commerce has been re-branded to include its neighboring… Continue reading

CitySurf pop-up pool could open this summer on Eastside

A Sammamish couple hopes to break ground on a permanent indoor surf facility later this year.

Two wineries move in with Teatro ZinZanni

Two local wineries will be sharing the old Redhook brewery in Woodinville with Teatro ZinZanni.

Real estate embraces the digital era in creative ways

Kirkland’s MainStreet Property Group’s Junction Apartments in downtown Bothell topic of discussion at recent real estate symposium.

Bothell-Kenmore Reporter transitions to subscription model

The pre-paid subscriptions will be $39 a year or $3.99 monthly.

Sound Publishing appoints new president and vice president

Josh O’Connor is the new president and publisher while Terry Ward is the new vice president.