| The Pike Place Market PDA is the
landlord for about 80 percent of the property in the Pike Place
Market historic district. Part of the PDA's mission is to
preserve and maintain services for low-income residents and
people with special needs.
Stephanie Cirkovich, The
Pike Place Market PDA's Marketing and
Communications Director, notes, "the PDA's purchase of Market House
is part of a larger effort to refurbish and add to the affordable
housing stock in the Market."
The addition of Market
House brings the PDA's housing portfolio to over 320 units, about
three-quarters of which are affordable to very low income
households.
Bill Drummond, the PDA's
Residential Property Manager, reports that, "For residents, the
transition will seem like business as usual. Market House is a
good, solid building that doesn't need any major work right now." Current Market House residents will see a change in management, but
will be able to stay and their rents will not increase. Residents
pay 30 percent of their income for rent and utilities, and federal
Section 8 payments cover operating and capital costs above rent
revenue.
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