The New Hope Community Development Institute’s work to preserve affordable housing and prevent displacement in the Central District will include the acquisition of a S Jackson development in a $15.3 million deal.
The Low Income Housing Institute and New Hope Community Development Institute announced the acquisition of Squire Park Plaza late last month from Jonathan Rose Companies.
“The purchase of Squire Park Plaza will ensure that it’s 60 apartments are preserved for long-term affordability. Currently many of the existing households are struggling to pay their rent during the pandemic,” LIHI executive director Sharon Lee said in the announcement.
According to the announcement, more than 75% of the residents at Squire Park Plaza are people of color.
“We are delighted to partner with the Low Income Housing Institute to purchase Squire Park Plaza as affordable housing,” New Hope’s Rev. Robert Jeffrey said. “The goal of New Hope Community Development Institute is to prevent the displacement of people of color from Seattle’s Central Area and to acquire properties to preserve long-term.” Continue reading