1 / 26

Work force housing in Seattle

jaden
Download Presentation

Work force housing in Seattle

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

    1. Work force housing in Seattle

    2. Central Area Neighborhood Walk, bike, bus to downtown Ethnically diverse Gentrification Working class Music tradition Quincy Jones Jimi Hendrix

    3. Central Area Neighborhood

    4. Central Area Developments

    5. Land Acquisition Land acquired by HUD in 1960’s Vacant until today HUD transferred to City; City transferred to non-profit in 2005 At below market rate

    6. City and Owner’s Goals Economic revitalization of neighborhood Work force housing / diverse housing Relief from gentrification pressure Community evolvement

    7. Envisioning and programming Series of community meetings Mix of housing options Community and market driven Reward the pedestrian Activate the block Design the building in concert with the community /parks

    8. Building Design

    9. Jackson Street - Commercial Retail along Jackson Street Office second floor Housing above Overhead rain protection Add photo of bus stop Add photo of bus stop

    10. Courtyard Design Courtyard typology Public open space Seating for bus stop and walkers Activate entry

    11. 17th Street - Loft Live work loft Activate the street Corner retail Transition

    12. Alley Design Low rise Pedestrian Garage and services Connection to parks

    13. Alley Design Low rise alley Pedestrian scale Integrate with community

    14. Green Focus on reduction of tenant energy bills Built Smart program Not LEEDS

    15. Green features

    16. Green Features

    17. Construction cost Wood frame construction 5 over 2 Terraced parking Eliminate shoring Parking reduction Added floor

    18. Parking reduction Code change while permitting Transit overlay Cost savings $600,000

    19. Project financing Sources Leveraged loan New Market Tax Credits HUD 108 loan City grant Pre dev funding BEDI Grant Contributed land $8,300,000 $4,800,000 $2,400,000 $ 676,000 $1,510,000 $ 155,000 $ 650,000 $18,491,000

    20. New Markets Tax Credits Effectively 25% of income must come from commercial sources Technically 20% Benefit approximately 40% Qualified census tract Qualified business NMTC from Treasury to allocator (typically lender) Interest aligned Project “Needs” NMTC for gap

    21. New Markets Tax Credits

    22. City of Seattle Participation Sold land below market Sponsored HUD 108 loan City grant Tax exemption Parking reduction

    23. Squire Park Plaza

    24. Multi-family Tax Exemption 20% of units at 80% of AMI for studios and one bedroom or 90% for two bedrooms 12 year tax abatement Owner can opt out at any time Prototype

    25. Unit mix Unit Type Studio One bedroom Two bedroom 80% AMI Total 6 12 16 31 8 16 30 59

    26. Squire Park Plaza

    27. Squire Park Plaza

More Related