LIHI teams up with Black-led organization to acquire Central Area apartments
The Low Income Housing Institute (LIHI) and New Hope Comunity Development Institute (NHCDI) last week acquired an apartment complex in Seattle's Central Area for $15.3 million.
Squire Park Plaza is an 87,000-square-foot building with 60 units, all of which will be available for those who qualify for affordable housing.
NHCDI is a Black-led organization affiliated with New Hope Missionary Baptist Church and works to prevent displacement in the Central Area. More than 75% of the tenants at Squire Park are people of color, Rev. Robert Jeffrey said in a statement.
“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,” Jeffrey said.
The building, at 1700 S. Jackson St., was built in 2008 by the Central Area Development Association using public resources including city of Seattle owned-land, New Market Tax Credits and Seattle’s Central Area Housing Fund.
https://www.bizjournals.com/seattle/news/2022/01/04/squire-park-plaza-trades-for-15m-and-keeps-afford.html
