The Washington State Housing Finance Commission has approved bonds and housing tax credits that will build 500 affordable apartments for individuals, families, persons with disabilities, and seniors in Auburn.
Copper Gate, at 4750 Auburn Way N., is a $37.5 million estimated tax-credit equity, $80 million tax-exempt note, $10 million taxable note project for the Inland Group. The largest development financed by the commission to date, the family-oriented apartments are spread over a 29-acre property that will feature multiple playgrounds, a pool, sport courts, two clubhouses and a trail system.
The development is part of the Auburn Gateway Project, a city of Auburn master-development plan.
The housing projects are financed by federal housing tax credits, combined with tax-exempt bonds or notes. Housing tax credits allows developers to raise capital for apartment construction or rehabilitation by selling the tax credits to investors. In exchange, the investors offset their corporate income taxes and gain equity in the project. The program has helped to create or preserve more than 100,000 affordable apartments in Washington state since 1987.
“This financing will help provide people in our communities with a safe, secure place to live,” said Karen Miller, chair of the Housing Finance Commission. “Especially in King County, the need for affordable rental homes is acute. We’re pleased to be part of the solution.”