SEATTLE, Wash. – Santa Teresita del Niño Jesus, located at 2429 SW Holden Street between the West Seattle and White Center neighborhoods, was blessed by the Archbishop of Seattle yesterday as part of the celebration of the opening of this 26 unit, permanent housing development for formerly homeless families. The event was attended by local community leaders, financing partners, and affordable housing supporters. The Archdiocesan Housing Authority (AHA) served as the developer of this critically-needed, affordable housing, and will also oversee the property and its residents throughout the life of the project. Santa Teresita del Niño Jesus was fully leased as of the end of June.
“The opportunity to partner with AHA in the development of Santa Teresita del Niño Jesus is a milestone for Homestead Capital since it represents the 500th housing unit we have financed with this community-based, mission-focused developer,” said Toby Washington, President of Homestead Capital. “It is a privilege to work with an organization dedicated to providing housing and support to those most in need. That commitment, combined with the financial support of our valued investor partners, enables us all to do some of the good work that builds communities, fosters hope, and keeps the dream of safe, sane, affordable housing alive for the people of Seattle.”
AHA provides more than 2,000 affordable permanent housing units in 44 programs, serving individuals, families, seniors, and persons with special physical and mental needs throughout Western Washington. Residents at Santa Teresita del Niño Jesus, similar to those in most AHA housing developments, will have access to case management, employment services, life skills training, parenting classes, family planning resources, and referrals to other services and resources in the community.
Santa Teresita del Niño Jesus consists of four buildings representing ten townhouses and sixteen flats over structured parking. Two of the units will be set-aside to serve persons with physical disabilities and six of the units can accommodate large households. A central courtyard connects the property and offers a gathering space for families, including: a community building for events, classes and workshops; a play area for children; and a basketball court. Two offices are also on-site for residents to meet privately with counselors and case managers. The units have porches, washers/dryers and other Energy Star appliances, and were built using sustainable business practices.
Homestead Capital invested close to $3 million of equity on behalf of investors who earn tax credits in exchange for their investment in the Homestead Equity Fund. Participating investors for Santa Teresita del Niño Jesus were Wells Fargo Bank, Fannie Mae, Bank of the West, Cascade Bank and West Coast Bank. Other financing for the development included: $1.4 million from the City of Seattle; $1.3 million from the State of Washington’s Housing Trust Fund; $600,000 from the Washington Community Reinvestment Association; and over $500,000 from AHA.
The grand opening featured the Most Reverend Alex J. Brunett, Archbishop of Seattle, as an honorary attendee and speaker for the celebration. Other speakers included: Rob Van Tassell, Director of Development for AHA; Toby Washington, President of Homestead Capital; Adrienne Quinn, Director of Office of Housing for the City of Seattle; David Wertheimer, Senior Program Officer for the Bill and Melinda Gates Foundation; and Evelyn Gomez-Ortiz, a resident of Santa Teresita del Niño Jesus.
Established in 1993, Homestead Capital has raised over $450 million to build more than 5,000 units of affordable housing for low-income people in the West. Homestead Capital works with communities to identify affordable housing needs and brings together developers and investors (banks, insurance companies and other corporations) to create housing through the federal Low-Income Housing Tax Credit program established by Congress.
For more information about Homestead Capital and the projects it funds, call 503-276-1555 or visit on the web at www.homesteadcap.com.
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Santa Teresita del Niño Jesus Development Team
General partner and developer: Archdiocesan Housing Authority
Development consultant: Housing Resources Group
Equity financing: Homestead Capital
Tax credit allocating agency: Washington State Housing Finance Commission
Architect: Tonkin Hoyne Architecture & Urban Design
General contractor: M. C. Lundgren, Inc.
Permanent lender: Washington Community Reinvestment Association
Property manager: Archdiocesan Housing Authority
