The Amazon Housing Equity Fund has announced the groundbreaking of two new affordable apartment communities in the greater Seattle metropolitan area. A total of $31.3 million has been committed by the fund to support these developments.
A below-market-rate loan of $11.2 million has been committed for the MLK Mixed-Use and Early Learning Center, a multifamily project being developed by Low Income Housing Institute (LIHI). This project will create 148 new affordable homes and an early learning center operated by Refugee Women’s Alliance (ReWA).
In addition, a below-market-rate loan worth $20.15 million will aid in creating Terrapin Apartments, which is being developed by Johnson & Carr as a transit-oriented development with 172 workforce housing apartments located within half a mile from the new Bellevue Downtown Link Light Rail Station.
This announcement marks another step towards providing much-needed affordable housing options in Seattle’s growing community without mentioning any specific organizations or locations.
