Link Studios Apartments features 60 studios within an eco-friendly single wood-framed structure.

SEATTLE—Local job growth is nearly twice that of the US growth rate as a whole and–as a result – Seattle and broader King County continue be one of the most expensive US housing markets. Although holding a position as one of the hottest housing markets in the country has its benefits, it also translates to an extremely unforgiving rental market for middle- and low-income individuals and families, says Conor Hansen, director of real estate at Mt. Baker Housing.

However, the recent purchase of a three-story multifamily residential building, Link Studios Apartments, represents Mt. Baker Housing's first new construction and a rare open-market acquisition by a nonprofit developer for affordable housing. The affordably priced building will rent to tenants between 40% to 60% of area median income/AMI.

“Creating more affordable housing continues to be one of our top political issues in Seattle,” Hansen tells GlobeSt.com. “We're aggressively seeking opportunities to house people at prices they can afford and if possible, near transit. This means revitalizing and preserving existing structures, as well as finding creative ways to finance and build new properties. As such, we've focused innovative deals such as our rare acquisition of the Link Studios Building, which will feature affordably priced units at 40 to 60% AMI. Deals at this AMI help ensure that Seattle's neighborhoods near transit can remain affordable. The deal also represents an innovative public private partnership–with funding from the city of Seattle's Office of Housing.”