New housing in Puyallup, Lacey for independent and assisted living

Seniors will benefit from in $234.2 million in financing approved by the Washington State Housing Finance Commission for four new affordable-housing projects that will provide nearly 1,000 new apartments and other living units.

Two of the projects – one in Pierce County and one in Thurston County — will offer a combined 506 units for seniors, including independent and assisted living.

The other projects will be open to families and all-age individuals.

The commission finances affordable housing by issuing tax-exempt bonds or notes and allocating low-income housing tax credits. Tax-exempt bonds allow developers to borrow at lower interest rates, while the tax credit allows capital to be raised by selling the credits to investors.

The financing authorized on Nov. 22 by the commission includes $87 million for Wesley Homes Bradley Park in Puyallup. Located at 707 39th Ave. SE., the continuing-care retirement facility in the South Hill area will have 131 independent-living apartments, 50 assisted-living units, and 17 memory-care units. The senior residents will have access to learning programs, an educational theater, and a creative-arts studio, according to Wesley Homes, the project’s King County-based developer with similar facilities in Auburn and Des Moines

The commission also authorized $45.9 million for a project in Thurston County — The Reserve at Lacey, located at 6100 Pacific Ave. SE. in Lacey. Developer AVS Communities is planning a five-story building with 308 apartments for low-income residents 55 years old and older. The complex will include a wellness office, beauty salon and private dining area.

“Senior housing is a critical need in communities of all sizes in Washington,” said Karen Miller, chairwoman of the Housing Finance Commission. “We’re glad to support this special population.”

Commission-backed housing that will be for all ages includes:

  • Copper Valley Apartments, at 104th Avenue East and  47th Avene Southeast in Puyallup. Inland Group, with its $25 million tax-exempt note and $15.9 million estimated tax-credit equity, is planning 220 apartments. The project is near Mel Korum Family YMCA, which also is commission-financed.
  • Basalt Ridge Apartments in the Airway Heights area of Spokane. Scheduled to open in the spring of 2018, the 240-unit complex is being built by Commonwealth Agency with the help of $39 million in financing.

The  Washington State Housing Finance Commission works with lenders, investors, developers and non-profit organizations on projects that support families and public goals. The commission has helped create and preserved more than 334,000 affordable homes statewide.