Family Tree & Lincoln Way Apartments Renovation Wraps With Grand Re-Opening
SEATTLE, WA – March 23, 2015 – (RealEstateRama) — Mercy Housing Northwest will host the grand re-opening tomorrow of the now-renovated Family Tree Apartments in Everett and Lincoln Way Apartments in Lynnwood. The 199-unit rehab was financed by U.S. Bank to improve Seattle’s affordable housing options.
The ceremony to mark the grand re-opening of both complexes is the culmination of more than a year of construction and U.S. Bank’s investment of $16.7 million of tax-exempt bonds, a bridge loan of $5.7 million from the Community Lending Division, and $9.4 million of federal Low-Income Housing Tax Credit equity through its subsidiary U.S. Bancorp Community Development Corporation (USBCDC).
“Mercy Housing Northwest strives to build sustainable, affordable housing where residents can thrive for years to come,” said Bill Rumpf, President of Mercy Housing Northwest. “The Family Tree and Lincoln Way renovation has upgraded 199 rental homes in Lynnwood and Everett, improving energy and water efficiency, and thanks to great partners, our residents have a place to call home in a great community.”
Site improvements at one or both properties include installing new roofing, resurfacing decks and walkways, repainting interior and exterior surfaces, and replacing cabinetry doors, baseboard heaters, carpeting, vinyl flooring, and plumbing and electrical fixtures. Selective site work also addressed signage, some lighting and landscaping.
“U.S. Bank is proud to join a partner as committed to excellence as Mercy Housing is,” said Ann Melone, vice president of USBCDC. “Improving on Seattle-area residents’ quality of life is part of our mission and we’re happy to be a part of this outstanding project.”
Residents of both affordable housing communities remained onsite during the rehabilitation. Services also continued uninterrupted. Mercy Housing Northwest, which has more than 20 years of experience in the area, provides complimentary services for its tenants that are centered on health, economic empowerment, education and family support.
Originally built in 1994, the 151-unit Family Tree Apartments, located at 10110 19th Ave SE, was one of the first projects undertaken by Mercy Housing Northwest. It is 100 percent occupied and home to more than 330 residents, earning between 30 to 60 percent of the area median income. The property features a community center, on-site day care center, two playgrounds, a basketball court and a computer lab.
Lincoln Way Apartments – a first place winner in the MetLife Foundation Awards for Excellence in Affordable Housing in 2008 – features 50 affordable housing units built over two phases. The rehabilitation updated phase I of the property, which is located at 2721 Lincoln Way.
USBCDC has invested in 16 projects nationwide with Mercy Housing, including 12 projects with 1,200 units of affordable housing in the Seattle area. The grand opening marks the 30th such project in Washington since the division began 20 years ago. Those developments produced more than 2,000 apartments from a total equity investment of nearly $124 million by USBCDC.
About Mercy Housing Northwest
Mercy Housing Northwest (MHNW) owns more than 1,800 affordable units in Washington and has operated in the state for 20 years.
The organization is the northwest division of national nonprofit Mercy Housing, Inc. (MHI), headquartered in Denver and founded in 1981 with the mission to create stable, vibrant, and healthy communities by developing, financing and operating affordable, program-enriched housing for families, seniors and people with special needs who lack the economic resources to access quality, safe housing opportunities. To date, with a presence in 44 states, MHI has developed, preserved and financed more than 40,000 affordable homes nationwide, both rental and single family, serving more than 141,000 adults and children on any given day. For more information about Mercy Housing, please visit mercyhousing.org.
About U.S. Bancorp Community Development Corporation
With nearly $15.8 billion in managed assets as of Dec. 31, 2014, U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC’s commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at http://www.usbank.com/cdc.
About U.S. Bank
Minneapolis-based U.S. Bancorp (NYSE: USB), with $403 billion in assets as of Dec. 31, 2014, is the parent company of U.S. Bank National Association, the fifth largest commercial bank in the United States. The company operates 3,176 banking offices in 25 states and 5,022 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at http://www.usbank.com.
