SRM NE Seattle Affordable Housing

Summary

SRM Development’s mission is to create safe, quality affordable housing options for individuals and families. To meet the housing needs of NE Seattle, we are purchasing 44,746 square feet of land 0.8 miles east of the future 148th Light Rail Station, next to the Jackson Golf Course.

This future multifamily residential project will include approximately 207 homes for people earning up to 60% of the Area Median Income, which equates to roughly $77,650 for a family of four in Seattle. Future housing will include family size units (3 bedrooms) as well as studio and 1 bedroom options. 

Onsite resident amenities will include a community gathering space, open space, common laundry facilities, and underground parking for 32 vehicles. We are in the planning phases of this transformative project and look forward to hearing from community members. Please contact Conor Hansen (email or phone) for more information — conor@srmdevelopment or 509.530.9212

The acquisition and development of the site will be financed in part by the City of Seattle’s Office of Housing and the Washington State Housing Finance Commission. 

SRM Development is committed to providing affordable housing and healthy living spaces. We are grateful for the opportunity to work with the community to create more affordable housing for 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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