SRM West Seattle Affordable
Executive Summary
SRM Development is purchasing 36,165 square feet of land in West Seattle, adjacent to the Westwood Village shopping center located at 8830 25th Ave SW. This purchase includes a surface-level parking lot and an existing one-story commercial building (West Seattle Driver Licensing Office). We are currently calling the project, “SRM West Seattle” while we are going through early planning. Our mission is to create safe, high-quality, and affordable housing options for individuals and families in West Seattle.
This project will include a mix of studios, 1-bedroom, and 3-bedroom units for a total of 143 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. Community amenities will include common laundry facilities, open space, bike storage, and on-grade parking. Consistent with the City of Seattle’s Consolidated Plan for Housing and Community Development, the project is nearby public transit bus lines and only a short walk from the Chief Sealth International High School, Denny International Middle School, Nino Cantu Southwest Athletic Complex, and Roxhill Skatepark. Further, it offers residents convenient access to shopping, restaurants, and is just minutes from the waters of Puget Sound. SRM is seeking funding from the City of Seattle Office of Housing and the Washington State Housing Finance Commission for the acquisition and development of the project.
We recently submitted our pre-application package on September 8, 2022 and are now working through Early Design Guidance (EDG) with the Seattle Department of Construction & Inspections with hopes to start construction in December 2023.
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 West Seattle neighbors.
FAQs
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 here?
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.
Where can I find additional project information?
Additional project information may be found online via Seattle Services portal under record number 3040124-EG.
How are rents determined?
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 |