Western Washington Rural Preservation

Seattle, Washington

Western Washington Rural Preservation is a scattered site portfolio that includes acquisition and rehabilitation of 9 properties located in eight (8) rural cities in Washington: Candlewood in Centralia; Elma Garden in Elma; Norwegian in Gig Harbor; Magnolia in Battle Ground; Rainier Glen in Enumclaw; Ridgeview Terrace in Mount Vernon, Suncrest I & II both in Sequim (consolidated) and Surf Pines in Ilwaco, Washington.

The combined 374 units consist of 286 one-bedroom units, 82 two-bedroom units, and 6 three-bedroom units. Seven of the properties are homes for senior citizens for more than 20 years that include Candlewoods, Elma Garden, Magnolia, Ridgeview Terrance, Suncrest I & II and Surf Pines Apartments. Two properties have been serving family housing that includes Norwegian Wood and Rainier Glen.

All nine properties have been funded with USDA 515 financing including Rental Assistance for 20+ years and are in need of rehabilitation to maintain and preserve safe and decent housing for low-income seniors and families that live in these rural locations. This refinancing is vital to preserve and extend the useful life both physically and financially . This preservation will ensure the extension of vital federal subsidy that has been allocated to these projects including direct tenant Rental Assistance subsidy from USDA to qualifying tenants for the majority of the portfolio units, allowing the tenants to pay just 30% of their adjusted annual income towards housing rent.

Along with the tax credit and bond, new USDA 515 subsidies will be deployed. Historically these properties were financed with the low-income housing tax credits through WSHFC and the Housing Trust Funds through the Department of Commerce.

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