Vancouver Housing Authority buying 98-unit apartment building to expand affordable housing

The Vancouver Housing Authority plans to buy a 98-unit apartment building still under construction in the Van Mall neighborhood to expand the city’s affordable housing stock.

The Low-Income Housing Tax Credit program, a federal program administered by the states, as well as a loan from the city of Vancouver, will help cover the $28 million cost.

All units in the five-story Cascara Apartments complex will be designated for households earning no more than 60 percent of the area median income — that is, $49,560 annually.

The opportunity to purchase the property, which is along Northeast 94th Avenue just east of Vancouver Mall, arose suddenly, VHA Chief Executive Officer Andy Silver said. VHA received approval from the state just last week and will take ownership on Dec. 16, he said.

The Vancouver City Council approved a $2.5 million loan to fund the acquisition.

VHA expects the Cascara Apartments will be ready for new residents to move in next month.

“The community obviously needs more affordable housing. So anytime there’s an opportunity to do more, we try to do so,” Silver said.

Editor’s note: This story was updated to reflect the correct cost of the apartment building.