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SEATTLE-A $4-million low-income housing project is nearing a Master Use Permit to develop a four-story building with 3,400 sf of ground-floor retail in the heart of the Greenwood neighborhood. To be located at 312 NW 85th Street, the 31-unit project will house low-income and homeless families.

The proposed development recently received design and environmental approvals. If no appeals are received by Sept. 16, the Master Use Permit for the $4-million project will be approved shortly thereafter.

The project developer is the Low Income Housing Institute, in association with Fremont Public Association Solid Ground program. Acquisition financing was provided by Key Bank and the Enterprise Foundation. Impact Capital provided pre-development funding. Construction and long-term financing is being provided by Washington Mutual Bank, the City of Seattle, Washington State, Bill and Melinda Gates Sound Families Initiative, Federal Home Loan Bank, the Seattle Housing Authority and low-income housing (9%) tax credits.

The project designer is Runberg Architecture. Runberg’s project designer Michele Wang tells GlobeSt.com the project is scheduled for groundbreaking in December and construction will take 10 months. The general contractor is Rafn Construction.

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