Habitat loan facility will mean 7 new homes
The Tacoma-Pierce County Habitat affiliate will build seven new homes in Lakewood’s Tillicum area, as well as complete an ongoing community, thanks to a financing partnership between the Washington State Housing Finance Commission and Habitat for Humanity of Washington State.
In all, the $2.5 million loan means Habitat for Humanity Tacoma-Pierce County, which recently celebrated its 30th anniversary, will increase its capacity by 25 homes, according to a release this week.
“We operate on a very thin margin and this is a great example of maximizing our assets,” said Maureen Fife, CEO of Tacoma-Pierce County Habitat for Humanity.
With the loan secured, Habitat can begin home-building at New Tillicum North in Lakewood, a seven-home development. Infrastructure work is underway, and house construction is expected to start in June. The loan will also hasten completion of Habitat’s largest project to date, The Woods at Golden Given, a 30-unit, sustainably built cottage-design community near the Pacific Lutheran University campus.
If the pilot is successful, the loan program could become a self-sustaining resource that Habitat affiliates can access through an application and review process.
C.R. Roberts: 253-597-8535
This story was originally published March 19, 2016 at 11:59 AM with the headline "Habitat loan facility will mean 7 new homes."