WaMu Offers $1.64 Mil for Affordable Housing

SEATTLE-Citing a growing need for affordable housing, Washington Mutual (NYSE:WM) has ponied up $1.64 million in construction financing for the Fountain Heights Apartments, a 60-unit multifamily housing project in St. George, UT.

Located at 3400 S. River Road, the Fountain Heights Apartments will offer below-market rates for 50 of the 60 units to families earning 60% or less of the area media income. Units will range from two- to four-bedroom units and 885 to 1,352 sf.

Construction is already under way and is expected to be completed in June 2002.

“Quality rental housing is increasingly in demand in southwestern Utah, particularly with increased tourism to the area’s national parks and steady growth in the local economy,” says Tobias Washington, vice president and regional community lending manager at Washington Mutual. “The advantage of the Fountain Heights complex is its flexibility to provide quality housing for a full spectrum of renters — from individuals paying market-rate rents to low-income renters needing more affordable rates.”

Ownership of Fountain Heights Apartments is held by a limited partnership whose general partners are Color Country Community Housing and Community Development Inc., both are nonprofits.

Amenities for the 10-building, townhouse-style apartment complex include a community building, playground with a basketball court and fountain. The 5.1-acre site will also offer 122 spaces of parking with 60 of those carports. The architectural style of the two-storied buildings will include brick wainscoting, tile roofs and stucco exteriors.