R4 Capital originated both debt and equity. The approximately $40 million-dollar River’s Edge development is being financed with tax-exempt bonds and low-income housing tax credits (LIHTC), issued by the Washington State Housing Finance Commission (WSHFC). The River’s Edge site was home to a former auto-wrecking yard, and development of the site includes cleanup of contaminated soil. The 7-acre River’s Edge property is located within the City of Monroe’s Downtown Master Plan, which envisions the redevelopment of historically light-industrial land into a mix of commercial, multi-family, and office, to create a vibrant, mixed-use downtown. Rents at River’s Edge are projected to be as much as twenty percent below market. Monroe, like so many other Puget Sound communities, is struggling with a lack of affordable housing, a problem that is exacerbated by low vacancy, lack of inventory, and rising rents. Adjacent to Wood’s Creek and Al Borlin Park, River’s Edge will enjoy superior access to those coveted public recreation areas. River’s Edge will include 1,2, and 3-bedroom units, designed to be energy efficient, with generous amenities, such as: community room, fitness facility, and community garden, among others. The Snohomish County AMI is $110,700 for a family of four, according to HUD 2019 income statistics. The development will be income restricted to families and individuals earning less than 60% of the area median income (AMI) for Snohomish County. The tax will be credited against state sales taxes collected with the City of Monroe and will represent an additional source of funding to address housing needs in the city.RIVER’S EDGE, a new 166-unit apartment community began construction last week in Monroe, Washington. This ordinance does not impose a new tax. The tax must be used to assist persons whose income is at or below 60% of the city’s median income. In the 2019 Regular Session, the Washington State Legislature approved, and the Governor signed Substitute House Bill 1406 which authorizes the governing body of a city of county to impose a local sales and use tax for the acquisition, construction or rehabilitation of affordable housing or supportive housing, and, if eligible for providing rental assistance to tenants. The Housing Element of the City of Monroe’s Comprehensive Plan includes policies that support affordable housing and a diverse range of housing options. For more information please click here: Housing Action Plan Public involvement will be key in this process. Monroe is one of 52 communities who were awarded a grant in 2019.Ĭommunity Development staff will be working on the housing action plan starting in 2020, to be completed by June 30, 2021. Of the list of eligible activities, as defined in the bill, the City chose to adopt a housing action plan with a total funding request of $50,000. In October 2019, the City of Monroe applied for a Department of Commerce grant funded through E2SHB 1923, which provided $5 million to increase residential building capacity in Washington communities to address affordable housing. River’s Edge Affordable Housing Project DOC Grant Addressing the affordable housing crisis is a top priority for the city and the goal is to create an inclusionary community through quality development and collaboration. The city is looking for ways to stimulate development of new housing, preserve existing affordable housing, and improve the overall quality of life in the city. Approximately two-thirds of the city’s residential units are comprised of single-family homes thus creating the need for alternative forms of residential development. The city currently has 415 affordable housing units available for approximately 2,075 needy households accommodating only one-fifth of Monroe’s cost-burdened population. According to Monroe’s 2015 Comprehensive Plan, nearly half of the city’s households are cost-burdened.
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