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December 17, 2013
SEATTLE HOUSING COMPLEX FOR ELDERLY AMONG 12 NATIONWIDE AWARDED
NEARLY $14.8 MILLION BY HUD TO PRESERVE AFFORDABILITY
SEATTLE – The U.S. Department of Housing and Urban Development (HUD) today announce that Hilltop House Apartments at 1005 Terrace Avenue in Seattle is among 12 complexes for the low-income elderly across the country to receive $14.8 million to preserve their affordability for low-income elderly residents living in these HUD-subsidized properties.
Today’s funding award is provided through HUD’s Senior Preservation Rental Assistance Contracts (SPRACs) and is targeted for properties in HUD’s Section 202 “Supportive Housing for the Elderly” program where rental assistance may expire without this important preservation tool. SPRACs are an important tool for preserving the nation’s affordable multifamily properties. Funding will continue to support affordable rent for seniors living in more than 1,700 units located in 12 properties in six states. See attached list of the local awardees.
“The demand for affordable housing far exceeds the supply in almost every major American city and that is certainly true in Seattle,” said HUD Northwest Regional Administrator Bill Block. “Seattle has aggressively and effectively marshalled its resources to preserve its existing affordable stock while also looking to expand the inventory. We at HUD are proud to be partners in this effort.”
The Section 202 Supportive Housing for the Elderly Act of 2010authorizes HUD to provide SPRACs with 20-year terms to prevent displacement of elderly residents of certain projects assisted under HUD’s Section 202 Supportive Housing for the Elderly program in the case of refinancing or recapitalization and to further preserve and maintain affordability of Section 202 Direct Loan projects. The purpose of SPRACs is to prevent displacement of income-eligible elderly residents of Section 202 Direct Loan properties with original interest rates of 6% or less in the case of financing changes.
The majority of the mortgages in this portfolio of properties will reach their respective maturity dates over the next ten years. HUD estimates that without interventions like SPRACs, maturing mortgages will signal the elimination of affordability protections for approximately 19,000 low- and very-low income seniors.
HUD staff will provide guidance for completing the funding process so the subsidy can flow to the unassisted seniors at the projects. HUD’s Multifamily Hub/Program Center Staff will oversee the execution of SPRAC contract and use agreement; will close any FHA financing; and will perform ongoing contract administration and servicing/monitoring of projects.
Senior Housing Development
Estimated # of Units*
700 Laurel Avenue
Adlai E. Stevenson House
455 E Charleston Road
3955 Park Blvd.
Ocean View Plaza
1001 Main #107-S Street
Half Moon Bay
Garfield Park Village
721 Bay Street
Wilshire Christian Manor
616 S Normandie Avenue
Cleveland Manor I
2200 Cleveland Avenue
Trent Center East
511-537 Greenwood Avenue
Lakewoods I & II
980 Wilmington Avenue
6800 Mayfield Road
Westmoreland’s Union Manor
6404 SE 23rd Avenue
Hilltop House Apartments
1005 Terrace Street
* Final # of units to be supported will be determined when rent contracts are executed.
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need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build
inclusive and sustainable communities free from discrimination; and transform the way HUD does business.
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