Tenants must be at 80 percent of the AMI or area median income, which was $75,253, according to the U.S. Census Bureau. Rents for each tenant will be calculated based on affordable housing under the city of Vancouver’s Multi-Family Tax Exemption Program.
The affordable units help fill the supply for lower-income residents that’s reaching a critically levellow level in Vancouver, driving people out of the city.
Any excess income (above paying expenses and paying the loan) is expected to find its way back into other community initiatives, whether other affordable housing projects or support of other nonprofits, said Galland.
Ginn Gives plans to build 250 affordable housing units in Southwest Washington by 2030, said Galland.
Vancouver-based Ginn Development, owned by Patrick Ginn, plans to use its relationships in the construction and development industry to leverage lower costs and make the project as affordable as possible.
“We’re counting on our friends in the industry to help make the apartments more affordable,” Galland said.