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HUD   >   State Information   >   Washington   >   News   >   HUDNo.2013-12-17
Lee Jones
(206) 220-5356 (work)
(804) 363-7018 (cell)
FOR RELEASE
Tuesday
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.

State

Senior Housing Development

Estimated # of Units*

Address

City

California

Park Towers

195

700 Laurel Avenue

San Mateo

 

Adlai E. Stevenson House

96

455 E Charleston Road

Palo Alto

 

Grace Tower

147

3955 Park Blvd.

San Diego

 

Ocean View Plaza

50

1001 Main #107-S Street

Half Moon Bay

 

Garfield Park Village

75

721 Bay Street

Santa Cruz

 

Wilshire Christian Manor

168

616 S Normandie Avenue

Los Angeles

Michigan

Cleveland Manor I

105

2200 Cleveland Avenue

Midland

New Jersey

Trent Center East

45

511-537 Greenwood Avenue

Trenton

Ohio

Lakewoods I & II

417

980 Wilmington Avenue

Dayton

 

Villa Serena

242

6800 Mayfield Road

Mayfield Heights

Oregon

Westmoreland’s Union Manor

84

6404 SE 23rd Avenue

Portland

Washington

Hilltop House Apartments

92

1005 Terrace Street

Seattle

         

TOTAL

$14,773,482

1716

   

 * Final # of units to be supported will be determined when rent contracts are executed.

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