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For Immediate Release

Seattle Housing Authority buys Market Terrace Apartments

Acquisition will preserve Section 8 building for low-income elderly

SEATTLE —August 2, 2002—The Seattle Housing Authority closed on the purchase of Market Terrace Apartments at 1115 NW Market Street in Seattle’s Ballard neighborhood on July 31. The purchase by the housing authority will preserve the building as low-income housing into the future.

The apartment building which contains 30 one-bedroom units has been operated under a "Section 8" contract with the U. S. Department of Housing and Urban Development (HUD) to provide low-income apartments for the elderly. The contract is due to expire in 2005. The housing authority has assumed the remainder of the contract, and will continue to operate the building as low-income housing once the contract expires.

According to the housing authority’s executive director, Harry Thomas, "We are delighted to acquire this building —through this purchase we are expanding our own locally-owned portfolio and helping to preserve the low-income housing that already exists in Seattle. Many low-income apartment buildings in Seattle have left the Section 8 program as their contracts expired. This one, at least, will be preserved."

The property will be managed by Wilson Management Company, which will retain the current resident manager team. No changes in the tenant population are expected as a result of the sale.