A newly constructed Capitol Hill apartment building destined to become part of the neighborhood’s market rate housing will instead be used for affordable housing.
With a mix of public financing, Low Income Housing Institute says it is buying the newly constructed, seven story, 76-unit apartment development in the 600 block of E Howell. LIHI announced the Clay Apartments deal late last year but the Seattle Times reported on the transition of the “building planned for upscale market-rate rentals into affordable housing for people who are currently homeless” this week.
The price for the E Howell building just off E Olive Way? $18.2 million, the Times reports.
In December, LIHI called the deal “an unprecedented opportunity to capitalize on the current market conditions to quickly and cost effectively provide housing for the most vulnerable populations.”
“The site provides residents with access to a plethora of amenities, employment opportunities, and services,” the LIHI announcement reads. “The site is just minutes from Downtown and within a hundred of feet of multiple high capacity bus lines.”
The sale by developers Blueprint Capital comes amid uncertainty in the rental market after months of economic impact from the COVID-19 crisis and under an ongoing prohibition on evictions. New projects continue to open here including the major development above Capitol Hill Station that is adding hundreds of new apartments in a mix of affordable and market rate units. 2020 began with a surge of interest in the affordable Station House building part of the development as more than 1,300 people applied for the 110 available units.
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