First REDI-funded affordable housing project planned for Tacoma
James Center North will bring 150 affordable homes to Tacoma’s West End
by Sarah Anne Lloyd | @sarahannelloyd | Nov 15, 2017, 4:23pm PST
https://seattle.curbed.com/2017/11/1...e-housing-redi
Sound Transit 3, approved by voters in November, authorized expanding Link light rail to 116 miles and additional bus rapid transit. But because it can get expensive to live near transit, right as the measure was approved, nonprofit Enterprise Community Loan Fund created the Regional Equitable Development Initiative (REDI), which commits $21 million to low-interest loans for affordable developments located near transit.
Today, the fund announced the first of those projects: a $4 million loan to Tacoma Housing Authority (THA) to build a mixed-income development in Tacoma’s West End. THA also secured a $2 million loan from the state to acquire the seven-acre site, which they’re calling James Center North.
The project will have at least 150 affordable units out of 300 to 500 homes. The first round of REDI financing is expected to build 500 to 700 affordable units total.
More:
https://seattle.curbed.com/2017/11/1...e-housing-redi