On Monday, the Seattle-based Low Income Housing Institute (LIHI) announced its latest project: the acquisition of a Tacoma motel near Interstate 5 that will be converted into affordable housing. The former Clarion Inn, now known as Oasis Inn and located at 6802 Tacoma Mall Blvd., was purchased by LIHI for $13.4 million.
This property, which has 128 rooms and was last sold in February 2020 for $10.5 million, is just one of five hotels that LIHI has acquired since the beginning of this year. In addition to these hotel conversions, LIHI also operates 17 tiny house villages and owns over 3,500 affordable apartments in the Puget Sound region.
According to a report from Puget Sound Business Journal , half of these units are already being used for permanent supportive housing by LIHI. The funding for this latest motel acquisition comes from various sources including Washington State Department of Commerce Housing Trust Fund, Apple Health and Home Program, Encampment Resolution Program,Pierce County,and Enterprise Community Partners.
The site will become part of Washington State’s Apple Health and Home Program which aims to match healthcare services with available housing resources.This project is another step towards addressing the growing need for affordable housing options in Seattle’s surrounding areas.
