More than $3 million in HUD funding supported new construction and expansion of 82 homes serving residents age 62+ at 50% of the area median income.
The U.S. Department of Housing and Urban Development’s (HUD) Office of Multifamily Housing is announcing today the completion of construction of Northaven West, a senior community in the Northgate neighborhood of North Seattle, WA. The construction was funded in part by a $3 million capital advance grant awarded on February 7, 2020, under HUD’s Section 202 Supportive Housing for the Elderly program. This is the second project in the country to be constructed and fully occupied under the Section 202 grant program, which emphasizes physical design standards to facilitate aging in place, robust services supporting health and social well-being of elderly persons, and mixed-finance development leveraging capital advance funding with other financing sources.
The HUD Section 202 financing is part of an overall project financing package of over $29 million secured by Northaven Three Northgate Limited Partnership (owner) and HumanGood Affordable Housing (property manager). Northaven West is a true community partnership, with additional funding provided by Washington Federal, the City of Seattle’s Office of Housing Levy and HOME Investment Partnerships Program grant funds, HumanGood Affordable Housing, and Wincopin Circle LLP.
Northaven West opened in Spring of 2022 and features 64 studio and 18 one-bedroom mobility, hearing, and sight-impaired accessible homes with community space and staffed with a Resident Services Coordinator. The property is located within walking distance of shopping, major bus routes, a rail station, parks, and restaurants. It is adjacent to the established Northaven Senior Living Campus, and residents of Northaven West will have access to an array of programs, classes, and amenities.
About the Office of Multifamily Housing
FHA’s Office of Multifamily Housing plays an important role in the construction, substantial rehabilitation and refinance of market rate and affordable housing through the issuance of FHA mortgage insurance. These insurance programs provide stability, liquidity, and affordability to the multifamily housing market at all times and in all markets. Fiscal year-to-date, the Office has insured 11,225 mortgages for 1.4 million homes with a total unpaid principal balance of $114 billion.
In fiscal year 2021, the Office of Multifamily Housing achieved record-breaking volume of $29.5 billion in initial endorsements for mortgage insurance. View quarterly and historical data on FHA Multifamily volume here.
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