SRM NE Seattle Affordable

Executive Summary

SRM Development is purchasing 44,746 square feet of land 0.8 miles east of the future Shoreline South/148th Light Rail Station, next to the Jackson Park Golf Course located at 14343 15th Ave NE. This purchase includes a surface-level parking lot and an existing one-story commercial building. We are currently calling the project, “SRM NE Seattle” while we are going through early planning. Our mission is to create safe, quality affordable housing options for individuals and families in north Seattle.

This project will include approximately 207 units serving people who earn up to 60% of the Area Median Income, which equates to $77,650 for a family of four in Seattle. The project will include resident amenities, open space, common laundry facilities and underground parking for 32 vehicles. It will be a transformative project near the light rail station consistent with the City of Seattle’s Consolidated Plan for Housing and Community Development. The acquisition and development of the site will be financed in part by the City of Seattle Office of Housing and the Washington State Housing Finance Commission.

SRM Development remains committed to providing affordable housing as well as healthy environmental living spaces, and we are thankful to have the opportunity to bring more affordable housing to our north Seattle neighbors.

FAQs

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.

Additional project information may be found online via Seattle Services portal under record number 3039252-LU.

Every year, the HUD publishes suggested rents for most metropolitan areas determined by the area median income. This project serves tenants who earn up to 60% of the Area Median Income.

See chart below.

Income Limits

Percent of Area Median Income

Family Size 30% 40% 50% 60% 65% 80%
HUD ELI HUD VLI HUD LI
1 $27,200 $36,250 $45,300 $54,350 $58,900 $66,750
2 $31,050 $41,400 $51,800 $62,100 $67,300 $76,250
3 $34,950 $46,600 $58,250 $69,900 $75,700 $85,800
4 $38,800 $51,750 $64,700 $77,650 $84,100 $95,300
5 $41,950 $55,900 $69,900 $83,850 $90,850 $102,950
6 $45,050 $60,050 $75,100 $90,050 $97,550 $110,550
7 $48,150 $64,200 $80,250 $96,250 $104,300 $118,200
8 $51,250 $68,300 $85,450 $102,500 $111,050 $125,800

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