More ‘deeply affordable housing’ coming to Tacoma after apartment complex changes hands
A Tacoma apartment project that received a property-tax exemption in January is now set to transition to even more affordable housing.
The Low Income Housing Institute, based in Seattle, has announced it is acquiring the Heron Apartments, 1624 E. 32nd St., in a deal set to close Oct. 25.
The site, with 82 apartments made up of studios and one-bedroom units, was approved for a 12-year multifamily tax exemption by Tacoma City Council in January. In that plan, it offered 65 market-rate units and 17 rent-restricted.
The development is among a wave of newly constructed or under construction projects the city has seen in its multi-year apartment boom.
The developer was Emerald Bay Apartments LLC, led by Chris Robison. The site was originally purchased for development in 2019 for $440,000, according to county records.
Under the new ownership, 50 apartments will provide supportive housing for those formerly experiencing homelessness, while 32 units will provide affordable workforce housing, according to Monday’s release.
“Adding more deeply affordable housing in Tacoma is a priority given the housing crisis,” said Sharon Lee, LIHI executive director, in a news release. “We are thrilled that the City of Tacoma awarded LIHI $3 million. This helped leverage $21.3 million from the State Department of Commerce to purchase the Heron Apartments.”
KeyBank is providing an acquisition bridge loan.
Last year LIHI, with financing from the cities of Tacoma and Lakewood and the state’s Rapid Acquisition Program, acquired the former Comfort Inn, 8620 S. Hosmer St. That site became Aspen Court, providing bridge housing for homeless singles and couples.
The state’s Rapid Capital Housing Acquisition Program was created in 2021. It aims to add housing units and shelter beds through acquiring either vacant or newly constructed buildings, or purchasing hotels to be converted into low income and homeless housing.
According to Monday’s release, the budget for the statewide program in 2022 is $144 million. LIHI owns and/or manages more than 2,200 housing units at 60 sites in six counties throughout the Puget Sound region, according to its website. Eighty percent of the housing is reserved for households earning less than 30 percent of the area median household income.
This story was originally published October 3, 2022 at 1:15 PM.
