Low-income apartment project with 256 units is coming to Pierce County. Here’s where
Copper Way, a new affordable housing development with 256 apartments, is coming to Spanaway soon.
The development will be the first in Pierce County from Seattle-based Evergreen Impact Housing Fund and Spokane-based development company Inland Group, according to a Wednesday news release.
Copper Way apartments are expected to open in late 2024 or early 2025 at 19422 Mountain Highway E. A spokesperson did not have rental cost details to share on Wednesday.
All units will target people earning 60% of the area median income or less, about $64,500 for a family of four, according to the news release. The project will feature garden-style apartments, and 81% of them will have two or more bedrooms, to accommodate families.
“We are thrilled that Copper Way has broken ground,” Kris Hermanns, fund manager of EIHF at Seattle Foundation, said in the release. “It’s crucial that we take action to bring affordable housing to Pierce County and beyond. Families with modest incomes are too often priced out of the Puget Sound. These folks work hard in our communities — as teachers, health workers, store clerks and more — and EIHF’s financing helps ensure they can live here.”
Copper Way is the second project from the Evergreen Impact Housing Fund supported by a consortium of Washington State credit unions, including BECU, Washington State Employees Credit Union, Sound Credit Union and Verity Credit Union.
The expected cost to build is $85.3 million, according to spokesperson Caroline Hall.
“EIHF uses low-interest, long-term loans to fill financing gaps and make affordable housing projects possible,” per the news release.
“The best way to make progress on addressing Pierce County’s housing challenges is through innovative partnerships like this one,” the credit unions said in a joint statement. “As credit unions, we’re proud to be a part of it.”
This story was originally published July 20, 2023 at 5:00 AM.
