Seattle Housing Authority makes two property purchases to further their mission

Media release

The Seattle Housing Authority is making two acquisitions in Seattle in alignment with its Acquisition Strategy and Criteria approved by the Board of Commissioners. SHA is purchasing an apartment building in the Central District and a new Central Office in the Interbay/Lower Queen Anne area.

“The purchase of the apartments is an important step in our strategy to help preserve affordable housing in Seattle and the purchase of our Central Office will result in an estimated $2.5 million annual cost savings, which we will invest in serving more low-income people in Seattle,” said SHA Executive Director Rod Brandon.

SHA plans to preserve the 98-unit apartment building in the Central District as affordable housing for people at 80 percent or less of area median income, an area of growing need in Seattle. The purchase ensures that residents there will not be displaced by the inability to pay full market rate rent and that the 98 apartments will be preserved as affordable housing at substantially less cost than building new units.

“We’re also fortunate to have the opportunity to purchase our Central Office at a cost well below other buildings on the market,” said Brandon. “It’s a fiscally prudent decision that allows us to invest substantially more money in helping stably house more people who are homeless or at risk of homelessness in Seattle.”

The Seattle Housing Authority recently closed on the Central Office purchase and expects to close on the apartments by the end of April.