Seattle Workforce Housing

Executive Summary

SRM Development is in contract to purchase a portfolio of six existing apartment buildings, with a total of 354 units, located in some of Seattle’s most desirable neighborhoods, including Lower Queen Anne, Roosevelt, West Seattle, and Eastlake. SRM is partnering with the Urban League of Seattle to preserve rents at affordable levels for 99 years and offer resident services. Our goal is to create and maintain safe, quality affordable housing options for individuals and couples in urban Seattle neighborhoods.

The buildings will serve tenants ranging from 50% or below of the Area Median Income (AMI) up to 80% of AMI, which ranges from $45,300 to $66,750 for an individual or $51,800 to $76,250 for a couple living in Seattle. The acquisition offers a unique opportunity for low to moderate income residents to afford to live where they work and with close access to public transport line, which meets the goals and objectives of the City of Seattle’s Consolidated Plan for Housing and Community Development. We are seeking financing for the acquisition and management of the portfolio in part from the City of Seattle Office of Housing.

SRM and Urban League are grateful for the opportunity to preserve and maintain quality affordable housing in Seattle’s most bustling neighborhoods and look forward to being long-term community partners.

The Properties

802 5th Avenue N., Seattle, WA 98109

68 units

Property Manager: Redside Partners, LLC

1222 NE 65th Street, Seattle, WA 98115

55 units

Property Manager: Redside Partners, LLC

6921 Roosevelt Way NE, Seattle, WA 98115

71 units

Property Manager: Redside Partners, LLC

836 NE 66th Street, Seattle, WA 98115

75 units

Property Manager: Redside Partners, LLC

4528 44th Avenue SW, Seattle, WA 98116

58 units

Property Manager: Redside Partners, LLC

2037 Yale Avenue E., Seattle, WA 98102

27 units

Property Manager: Redside Partners, LLC

FAQs

Income Limits

SRM Development and Urban League of Seattle

Redside Partners, LLC

Natalia Farr

natalia@redsidepartners.com

(206) 323-1771 ext. 17

The rents will be restricted for 99 years

We encourage you to reach out to the property manager for specific eligibility requirements as we have a mix of eligible income ranges depending on household.

Rent increases will not exceed 3% per year for income qualified residents.

These buildings have all been built in the last couple of years and have implemented sustainable design and building technologies to have a low carbon footprint.

Every year, the HUD publishes suggested rents for most metropolitan areas determined by the area median income.

 

See chart below.

Percent of Area Median Income

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