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.