A National Community Development Financial Institution (CDFI)Flexible Loan Capital Customized to Create Affordable Housing

With middle-income households struggling to find affordable housing in Seattle, Washington, it is even harder to come by for low-income residents. In 2018, Community Housing Capital provided land acquisition financing that helped the Low Income Housing Institute (LIHI), a nonprofit affordable housing developer with the NeighborWorks® network, control 21,900 SF of vacant land for the future development of deeply affordable apartments. In 2022, CHC renewed the $1,278,000 Henderson Street loan to accommodate the delay of a City of Seattle subsidy, and LIHI now hopes to break ground in 2024. LIHI will build an 88-unit, five-story apartment building to serve families and individuals earning up to 60% of the Area Median Income (AMI). Thirty-six of the apartments will serve residents earning up to 50% AMI. The future apartments are near a light rail station in southeast Seattle and will include a community room, classroom and outdoor space, and on-site case management services. The land value for the Henderson site increased from $1.4 million in 2018 to $3.0 million in 2021. LIHI will remain steadfast in its intention to build affordable housing at the site rather than sell out to make a quick profit.