The Washington State Housing Finance Commission approved $14.9 million in financing for two low-income housing projects in Vancouver. They were among 10 projects approved statewide, half of which went through the 2019 Low-Income Housing Tax Credit competition.
“With the demand for affordable housing on a steady rise, it is now more important than ever to act to bridge the gap we see in our society today,” Karen Miller, chair of the commission, said in a news release Wednesday. “A steady home gives people safety and stability in their lives so they can achieve their goals.”
Tenny Creek Assisted Living, a Vancouver Housing Authority project that will be located at Northeast 94th Street and Northeast 15th Avenue, received $7 million in tax-credit equity.
Described as the first of its kind in the state, the 40-unit Tenny Creek will “provide affordable assisted living to people with serious mental illness and/or substance abuse disorders, at least half of them from homelessness. This unique low-barrier model is a partnership with multiple health providers.”
Housing Initiative LLC’s The Elwood received $7.9 million in tax-credit equity to create 46 garden-style apartments for homeless people with complex physical and behavioral health needs. It will be located at 6319 N.E. Fourth Plain Blvd. near Meriwether Place.