A $46.6 million round of financing from Capitol One will make possible the development of the new White Center HUB with affordable housing.
Information from Capitol One
Capital One just announced it closed nearly $47 million in financing to support the construction of a 76-unit affordable housing community in White Center, WA. The property, White Center HUB (which stands for “Hope, Unit, Belonging”) will be developed by Community Roots Housing, a nonprofit affordable housing developer.
According to data from the King County Department of Community and Human Services, more than three-quarters of low-income households in King County were housing cost-burdened, or spending more than 30% of household income on rent/mortgage payments and utilities.
To help address the affordable housing shortage, White Center HUB will include one-, two-, three-, and four-bedroom units that will be restricted at 30%, 50% and 60% of area median income (AMI) and also set aside 24 units for families with children.
“Financing the creation of new affordable housing is an important part of advancing King County’s goal of reducing housing cost-burden among low-income households,” said James Chase, Capital Officer for Community Finance at Capital One. “This community will provide much-needed affordable housing to residents – in particular residents with children – in a high-cost market.”
Financing from Capital One included a $23.2 million low income housing tax credit (LIHTC) equity investment and $23.4 million in construction debt. Additional financing from King County and the State of Washington will support the development of White Center HUB.
Close to open space, schools and public transit, White Center HUB aims to foster a sense of community by providing social services to residents and the broader neighborhood. Adjacent to the property, Community Roots Housing and the White Center Community Development Association (WCCDA) are developing a community center that will serve as the headquarters for WCCDA.
“The residential property and community center will enrich the lives of the families and individuals who live and work in White Center,” said Chris Persons, CEO of Community Roots Housing. “This development embodies our vision to provide stable, affordable housing and supportive services for residents across this community.”
WCCDA and partners such as FEEST Seattle, Healthpoint Clinic, Southwest Youth and Family Services and YES! Foundation will provide onsite services at White Center HUB, including community health services, education and youth leadership training and advocacy, and community gathering events.
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