$28.7 million housing purchase includes Harbor Manor
When nine privately owned Section 8-assisted housing complexes in Grays Harbor and four other counties across Washington were offered for sale, the King County Housing Authority spearheaded a collaborative effort to purchase them. The housing authorities of Grays Harbor, Bremerton, Yakima, Chelan County and the City of Wenatchee participated to preserve of a total of 337 homes within the communities.
According to Business Wire, this represents the most wide-ranging state initiative to date to preserve existing subsidized housing. The group says it was necessary because the seller wanted to sell the portfolio as a single unit. The owner, who was also the initial developer and long-term owner of the properties, worked with the housing authority to try to assure these apartments remained affordable housing.
“Preserving existing subsidized housing is the most cost-effective way to maintain the supply of affordable rental apartments,” said Stephen Norman, executive director of the King County Housing Authority. “we have been able to protect 337 low-income households, the vast majority of them senior citizens, from being forced from their homes – and at the same time, have preserved for the long-term, crucial local housing resources.”
All of the properties are senior housing communities with the exception of two smaller family properties in King County. Four of the complexes are located in King County (147 units), Harbor Manor in Hoquiam (24 units), one is in Yakima (51 units), one in Bremerton (30 units), and two in Wenatchee (85 total units).
On Dec. 2, the acquisition of the King County properties was completed. The non-King County buildings will close in separate transactions between the end of this month and early in 2014.
KCHA is acting as lead purchaser on behalf of the other local housing authorities for the properties situated outside of King County. The combined purchase price for all nine developments is $28.7 million.
The average annual income of residents in the seven senior communities is approximately $10,000. Statewide, the demand for housing affordable to low-income households greatly surpasses the supply and the need is growing, especially for seniors.
KCHA purchased the four King County properties using a tax-exempt loan. The state legislature provided a $4.5 million grant from the Housing Trust Fund to purchase the non-King County properties.
These properties will continue to be managed by the current property manager of the complexes.