BELLEVUE, Wash. – (RealEstateRama) — The King County Housing Authority has reached an agreement with local builder Intracorp to preserve the Highland Village apartment complex as affordable housing.
The unprecedented agreement allows the 76 apartments to remain permanently as affordable housing. Intracorp had submitted plans to redevelop the property to build 87 new, for sale townhomes.
“We are pleased to have been able to reach an agreement with Intracorp that will allow us to preserve a critical affordable housing resource in Bellevue,” said KCHA Executive Director Stephen Norman. “For a private business to change its plans in response to community concerns and forego substantial future financial gain is extraordinary and we applaud them for helping us fulfill our mission.”
“This deal means that these families can stay in Bellevue,” continued Norman. “We are also extremely grateful to the city of Bellevue, King County, and members of the state legislature for coming together so that 85 children and their families can continue to live in the neighborhood they love, with good schools, job opportunities, and access to transit.”
KCHA plans to complete the acquisition of the property within the next 30 days and renovate the property over the next two years while keeping the rents at or near their current affordable levels.
KCHA’s acquisition of the property would not have been possible without the stalwart commitment of multiple levels of government.
“The City of Bellevue is extremely pleased to see this important affordable housing resource preserved,” said Bellevue Mayor John Stokes. “Preservation of existing affordable housing aligns with our council priorities and we are fully committed to making this project happen.”
Highland Village is located on the Metro Bus Rapid Ride line located on NE 8th St. in Bellevue, one block west of the 148th Ave NE intersection.
“In this runaway real estate market, Highland Village is just the kind of place we want to preserve: Affordable housing in a vibrant neighborhood with easy access to high-capacity transit,” said King County Executive Dow Constantine. “I believe it will perform well in King County’s competitive bidding, keeping hard-working families in Bellevue connected to opportunity.”
“As a resident and representative of East Bellevue, I am proud and happy to be part of this solution which will help so many families remain a part of our community,” said King County Councilmember Claudia Balducci. “Housing prices on the Eastside are skyrocketing; losing the Highland Village apartments would have meant hardship for these families, our neighbors, almost certainly requiring them to move far from jobs, friends, schools and support systems.”
State Representative Joan McBride, who held meetings with the mostly Hispanic/Latino residents of Highland Village added: “I am so excited that the residents of Highland Village and their children can remain in Bellevue close to their jobs and schools. There is simply no other housing available on the Eastside at the same affordable rents. Highland Village is a tight knit community. I’m pleased that all levels of government were able to come together to make this happen.”
About King County Housing Authority
KCHA transforms lives through housing. An independent municipal corporation established under state law, we own or manage homes for more than 18,000 families, seniors, disabled people and veterans and are the largest provider of supportive and affordable housing in Washington. We work collaboratively with our community to end homelessness, advance academic and life achievement for young people, and ensure that all King County residents can live with dignity.
Brad Harwood, City of Bellevue, 425-452-6837, bharwood (at) bellevuewa (dot) gov
Rhonda Rosenberg, KCHA, 206-574-1185, rhondar (at) kcha (dot) org
Chad Lewis, King County, 206-263-8746, chad.lewis (at) kingcounty (dot) gov