Additional data & commentary provided by The Registry, Puget Sound
We are very excited to announce that right before the Christmas holiday, we closed on our first Low Income Housing Tax Credit (LIHTC) deal. In partnership with the Urban League of Metropolitan Seattle, Altaire at Jackson Park is a 60% AMI, 207-unit project in NE Seattle that will be coming to market in Q1 2026.
This project has been in the works since the fall of 2021, and as a team, we navigated countless obstacles to get to this point. Most notably, after being informed of our bond award in late August, our development and construction teams completed the full bid effort and closed the project financing in less than four months, when many other developers and projects couldn’t meet those timeframes.
Altaire at Jackson Park now stands on strong financial backing that includes a $30.3 million loan from Seattle’s Office of Housing, an $8 million contribution from Amazon’s Housing Equity Fund, and $50 million in tax-exempt bond financing from the Washington State Housing Financial Commission.
Aimed at individuals and families earning 50% to 60% of the area median income, the units, ranging from 425 to 1,000 square feet, are a testament to the project’s affordability ethos. The financial arrangements have ensured that these units remain affordable for the next 99 years.
The Urban League will take charge of the resident services and the marketing of these affordable units, planning to achieve a seamless integration into the community! The project’s proximity to essential amenities like schools, employment centers, and the upcoming light rail station emphasizes significant improvements in residents’ quality of life.
Altaire at Jackson Park marks our third collaboration with the Urban League, and we’re very proud of this major milestone and accomplishment for the company!