Broadway Permanent Supportive Housing
Low Income Housing Tax Credits
LIHTC Const/Perm 4%
|Client & Transactional Partners||COMPASS HEALTH||Our Role||Lender|
Proceeds will be used to construct a five story, 82-unit Permanent Supportive Housing Facility in Everett, WA, (the “Project” and known as Broadway Permanent Supportive Housing) and will provide services for mentally ill homeless persons adjacent to the Compass Health campus. There will be four floors of housing above a ground floor containing a 3.095 SF commercial space with offices for services, management and administration.
All the units will be studios with 388 SF, except for one three-bedroom manager’s unit. All units will have kitchens and baths. The residential units will be on the upper four floors and Compass will operate commercial space on the first level.
The resident population will be individuals with chemical dependency, mental health and / or a co-occurring disorder, and housing must be a component of a coordinated chemical dependency or mental health treatment plan. A co-occurring disorder or Dual diagnosis is when a patient has a mental health disorder like bi-polar disorder, severe depression, PTSD, or severe anxiety, and at the same time is experiencing drug or alcohol dependency. All residents must be homeless at initial occupancy. Sixty-six units will be limited to persons earning 30% or less AMI including eight VASH vouchers reserved for homeless Veterans, and 15 will be for persons earning 50% AMI or less. There is also a non-restricted manager unit. Regardless of income restriction, the 30% AMI tenants will pay an estimated $100 per month in rent, and the landlord will pay utilities. The 15 50% AMI units will pay $563 per month, which is the maximum rent for 30% AMI. The 50% maximum rents are actually $968 for studio units, and the Borrower is purposely limiting the rents for these units in recognition of the residents’ limited resources. All residents will have access to case management that will connect them with a wide array of mental health and supportive services on site and in the Bailer Center facility next door.