The Aries opening proves that innovative financing can boost the supply of housing
SEATTLE, Jan. 23, 2024 /PRNewswire/ — Bellwether Housing and the Evergreen Impact Housing Fund (EIHF) are pleased to announce the opening of The Aries at Bitter Lake, bringing 200 affordable apartments to the North Seattle community.
The Aries is the first project funded by EIHF to open to residents, proving that innovative financing can boost the supply of much-needed housing. EIHF provided patient and low-cost catalytic capital for The Aries which, paired with more traditional financing sources, allowed the project to move forward on time and efficiently.
“We are delighted to see The Aries open to working families,” said Kris Hermanns, Fund Manager of EIHF for the Seattle Foundation. “This project is a testament to the power of collaboration in addressing our state’s affordable housing crisis. When public and private sectors work together, we can create positive, sustainable change in Washington State. It is an honor to celebrate this impactful addition to the community.”
“The investments in affordable housing made by this region’s business sector have been transformative,” said Susan Boyd, CEO of Bellwether Housing. “The Aries will be home to 200 families who previously had a tough time finding stable housing. They can now afford to live near transit, great schools and close to job centers. These homes and the stability they represent simply would not exist without the investments made by the EIHF.”
Large-scale affordable housing projects with family-size units often face financing constraints, especially in urban centers. The Washington State Housing Finance Commission (WSHFC) provided an allocation of bond cap and low-income housing tax credits (LIHTC) for The Aries. This public funding and EIHF’s private capital worked together to move the project forward. “Our state needs affordable housing at all income levels,” said Steve Walker, WSHFC executive director. “EIHF provides an important piece of the funding puzzle, filling critical gaps and stretching public funding to do more. Ultimately, that allows more working families to stay in Washington State and call this place home.”
Representatives from Bellwether, EIHF, and project supporters gathered for the grand opening of The Aries earlier today. The event featured remarks from Boyd; Hermanns; Paul Buckland, Senior Vice President at Wells Fargo; and Selina Mendoza, Vice President at CitiBank. The morning culminated in a ribbon-cutting and guided tours of the building.
The Aries is located at 916 N 143rd St, situated near a community center, bike trails, the Bitter Lake Reservoir, as well as public transportation on Aurora Avenue. The Aries units cater to families of four earning up to $66,420 and individuals with an annual income of $46,500. Many of the apartment homes are two- and three-bedroom units that are well-suited for families.
ABOUT BELLWETHER:
Bellwether Housing is a 501(c)(3) nonprofit organization founded in 1980 to create housing for lower wage workers to have access to safe, affordable housing close to their jobs in the core of the City. After 44 years of success, growth, and diversifying our housing to serve a broad range of low-income people, Bellwether is the Puget Sound region’s largest local nonprofit affordable housing provider.
Today we serve over 6,000 residents in 3,500 apartments. By locating our buildings near workplaces, schools, childcare, and other amenities, Bellwether puts greater opportunity within reach of our residents. This way, our residents—families exiting homelessness, independent seniors, immigrants seeking opportunity, preschool teachers and social workers, and young people just starting out—have access to the benefits and prosperity of their surrounding communities and, in turn, cultivate a more vibrant and equitable city.
ABOUT EIHF:
Evergreen Impact Housing Fund (EIHF) is a multi-sector partnership, providing catalytic impact capital to build more affordable apartments in Washington State. EIHF’s investments are designed to ensure financial feasibility of projects, counteract market distortions, complement established financing for affordable housing, and advance positive outcomes for working families, especially for Black, Indigenous, and People of Color. Learn more at https://evergreenimpact.org/.
Contact:
Caroline Hall
206-819-8749
[email protected]
Joy Portella
206-437-7885
[email protected]
SOURCE Seattle Foundation
