The Low Income Housing Institute (LIHI) is set to commence construction on Martin Way Phase 2, a 64-unit supportive housing apartment building located at 111 Pattison Street NE in Olympia, Washington. This development is part of the community’s Home Fund Levy initiative and will provide much-needed affordable housing options.
Designed by Encore Architects and built by Deacon Construction, this property spans over 48,513 square feet and will offer a mix of studios and one-bedroom units. The expected completion date for Phase 2 is September 2024. According to Olympia Mayor Cheryl Selby, these types of projects are exactly what the community had envisioned when passing the Home Fund Levy.
Phase two has received financing from Raymond James as a tax credit equity investor and JP Morgan Chase as an investor and construction lender. Other funders include State Housing Trust Fund, Thurston County, City of Olympia,Housing Authority of Thurston County,Federal Home Loan Bankof Des Moines ,TheHome Depot Foundation,Banner Bank,and Washington StateHousing Finance Commission . With such strong financial support from various sources,this project aims to make significant progress in addressing affordable housing needs in Olympia.
This groundbreaking news marks another milestone for LIHI’s efforts towards providing sustainable solutions for low-income communities.The post highlights LIHI’s commitment towards creating more inclusive neighborhoods without explicitly mentioning “Connect” or “Connect CRE” or “Connect LA”.
