Seattle-based Mercy Housing Northwest has been awarded $3 million from the Washington State Department of Commerce to help fund an affordable housing project in Pierce County.
The money will be directed toward the property acquisition and new construction of the MLK Senior Housing project offering 69 low-income units to seniors living in Tacoma, according to a press release issued by the Department of Commerce last week.
In total, nine affordable housing projects statewide will share $22.8 million in grants and loans providing by the state’s Housing Trust Fund, as well as federal HOME and National Housing Trust Fund programs. In September, the Department of Commerce received 17 application requesting over $35 million for a range of projects.
“Building and preserving an adequate inventory of subsidized affordable housing units is one of our critical strategies to make housing available for everyone,” said Department of Commerce Director Brian Bonlender. “We also continue to work to support housing markets with prices that are affordable. That strengthens communities by making us more competitive for job growth and enabling more Washingtonians to participate in our prosperity.”
Since 1986, the Washington State Housing Trust Fund has awarded almost $1 billion to help build or preserve nearly 50,000 units of affordable housing statewide.