Seattle (September 25, 2018) – Local non-profit and affordable housing developer Mt. Baker Housing (www.mtbakerhousing.org) (MBH) today announced the Phase I completion of its $50 Million preservation effort at Mt. Baker Village.
Located at 2900 S McClellan St in Seattle’s Mt. Baker neighborhood, Mt. Baker Housing has finished construction of 49 new residential units at the complex, making way for a second phase of preservation in which 107 existing units will be remodeled and refreshed.
“As our namesake from nearly 30 years ago, Mt. Baker Village is important to the neighborhood and to our vision as an affordable housing provider,” said Mike Rooney, Executive Director at Mt. Baker Housing. “This project was built in the 1950’s and our goal with this substantial investment is to ensure Mt. Baker Housing provides affordable housing to individuals and families for another 50+ years.”
In 2017, MBHA entered into an agreement with the Department of Housing and Urban Development (HUD) and the Seattle Housing Authority (SHA) to convert its annually renewing Section 8 Moderate Rehabilitation Housing Assistance Payments contract to a 15-year contract using HUD’s Rental Assistance Demonstration – Second Component process.
Rooney added, “The RAD conversion was one of the first ever done in Seattle and was unique to both HUD and the MBVP project because it included both new construction of dwelling units as well as rehabilitation of existing units.”
“We truly appreciate MBHA’s stewardship of affordable homes at Mt. Baker Village,” said Dan Foley, Asset Management Manager at Seattle Office of Housing. “Their creative approach to financing means preservation of existing housing and creation of even more affordable apartments for another 40 years without using public funds.”
Supporting Vibrant Communities
Built more than 50 years ago, the four-story Mt. Baker Village Apartments includes seven buildings with 156 one-, two-, three- and four-bedroom apartment homes. Located within two blocks of the Mt. Baker Light Rail Station, units are affordable at 30 to 60 percent of average median income (AMI).
Prior to preservation, the property had not been significantly updated for thirty years. The preservation effort was designed specifically to remodel existing units and create new homes to meet the needs of Seattle’s aging population, including via accessible units and a new elevator.
As part of its construction and renovation approach, MBH prioritized working to ensure residents remained on site while their unit is renovated.
Innovative financing was achieved for the Mt. Baker Village preservation project by creatively using debt, tax credit equity and seller note funds and no further public funding, which is uncommon for a project of the scale.
Construction on the project began in April 2017 and is expected to be fully- complete by September 2019. Current project team members includes: ARC Architects (Architect, Interior Designer), Rafn Company (General Contractor), Union Bank and National Equity Fund (Financing Partners), and Beacon Development Group (Development Consultant).
Mt. Baker Village (Mt. Baker) is MBH’s seventh affordable apartment project in Seattle. Additional projects include a new 144-unit building in Mt. Baker called The Maddux, a new 160-unit building in Rainier Beach, 90-unit scattered sites (Rainier Valley), 35-unit Arbor Woods (Skyway), 30-unit Starliter Apartments (Rainier Beach) and 26-unit Crestwood Place (Rainier Valley).
About Mt. Baker Housing Association
Founded in 1988, Mt. Baker Housing Association (MBHA) is a Seattle-based nonprofit low-income housing developer. Its mission is to improve lives and strengthen communities by creating quality, affordable housing and supporting residents in southeast Seattle—including renovating existing properties and pursuing new construction projects. Since its first project, rehabilitation of the nine-building Mt. Baker Village Apartments complex, MBHA has since developed (and now owns and operates) seven low-income and affordable housing properties totaling nearly 400 units. By furthering its vision that all people, regardless of income, will have secure, affordable places to live—MBHA has improved residents’ lives by providing vibrant, affordable communities that residents are happy to call home. For more information, visit: www.mtbakerhousing.org.