Seattle Workforce Housing
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.
Who is behind the ownership group?
SRM Development and Urban League of Seattle
Who is the property manager?
Redside Partners, LLC
(206) 323-1771 ext. 17
How long will the rents be affordable?
The rents will be restricted for 99 years
What requirements do I need to meet to be eligible to live in one of these buildings?
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.
Will my rent increase after I move in?
Rent increases will not exceed 3% per year for income qualified residents.
Are these buildings green?
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.
How are rents determined?
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
|HUD ELI||HUD VLI||HUD LI|