Imagine Housing, a nonprofit housing provider, has secured a $12.1 million funding award from Bellevue’s city council to advance a new affordable housing development. The planned community, located at 2650 148th Ave SE in Bellevue’s Lake Hills area, is designed to deliver 100 income-restricted residential units on land owned by St. Andrew’s Lutheran Church.
The project, known as Forest Edge, is envisioned as a four-story multifamily property with a mix of homes ranging from studios to three-bedroom apartments. Plans include a central courtyard intended as shared open space for residents, on-site resident services, and underground parking. The development is scheduled to begin construction in 2027, according to information cited from the Puget Sound Business Journal.
The city council’s $12.1 million commitment adds to a growing capital stack assembled to move Forest Edge forward. Imagine Housing has already raised $15.5 million dedicated to land acquisition and construction costs, as reported by the Puget Sound Business Journal. This fundraising is supported by multiple public and regional funding sources that are being aggregated to close the remaining financing gap on the project.
Existing public contributions to the capital stack include $2 million from the state Housing Trust Fund, which is directed toward supporting affordable housing development across the state. The project also received $1 million from the King County/City of Bellevue Connecting Housing to Infrastructure Program, which is aimed at linking housing production with critical infrastructure investments. In addition, A Regional Coalition for Housing has committed $500,000 to Forest Edge, further broadening the mix of capital behind the initiative.
Together, these funding commitments underscore a multi-layered financing approach that draws on city, county, regional, and state resources to support an affordable multifamily community. For Imagine Housing, the combination of Bellevue’s award and prior commitments helps solidify the financial foundation for Forest Edge ahead of its anticipated 2027 groundbreaking. Once completed, the project is expected to expand the supply of affordable rental housing options in the Lake Hills neighborhood while offering on-site services tailored to its residents.
