Home News Apartment project at former Kmart in Everett gets $1M state grant

Apartment project at former Kmart in Everett gets $1M state grant

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Everett — 430-unit affordable multifamily developer receives $1 million in state grants through the City of Everett.

DevCo, Bellevue-based real estate investment firmunder construction 5 buildings called Four Corners Located in the former Kmart on Evergreen Way between 79th Place SE and Highway 526. Building sizes vary up to 6 stories and units range from 1 to 5 bedrooms.

All apartments are aimed at people with income up to 80%. median area income, but the company has an average target of 60%. In today’s dollars, this equates him to $69,420. the family of four.

location is close to destination Light rail stations currently scheduled to open by 2041.

Everett has applied for grants and is giving money to developers to offset charges to connect to the city’s sewer and water systems.

“This is up for our real desire to focus on affordability in specific areas near future light rail stations,” said Jennifer Gregerson, Special Projects Manager at Everett. “It is very important to ensure that the people who live there have the opportunity to stay in the community.”

The Washington State Department of Commerce awarded its grant Programs that connect homes to infrastructure (chip)Congress funded the new endeavor with millions of dollars from state allotments of federal American Relief Plan Act funds.

Up to $2.5 million in grants were awarded to 54 projects this year. This offset the development costs of his 4,700 affordable housing units statewide.

Construction workers walk on the roof of the Four Corners Apartments at 79th Place SE and Evergreen Way in Everett on Tuesday. (Ryan Berry / The Herald)

Commerce CHIP Manager Eric Guida said: “It takes layers of funding to put together an affordable housing project, so anything you can help with is worth it.”

Cities, counties, and even some utility districts can apply for grants to fund housing projects where at least a quarter of the units are guaranteed to be affordable for at least 25 years. I can do it.

Government agencies that applied for CHIP subsidies had to have affordable home sales and use taxes. This meant at least 80% of the regional median income.

This funding was intended to cover the costs of infrastructure such as: Utility charges It can be tens of thousands of dollars. Four Corners, who won the largest amount in his third and final round of fundraising this year, is the only Snohomish County he has won one of the grants.

DevCo has already paid the city for sewerage and water bills, and the city is sending subsidies to the company, Gregerson said.

Anne Fritzel, residential program manager at Commerce, said encouraging dense developments like Four Corners in urban areas helps meet the state’s climate goals and growth management law requirements. I was. State laws are intended to prevent housing sprawl and concentrate housing in cities and their suburbs. This helps keep infrastructure costs low.

Developed by Commerce staff Housing growth target in communities statewide. The report he is due in January.

Ben Watanabe: 425-339-3037; [email protected]; twitter: @Ben Watanabe.


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