It was announced on Feb. 28 that local nonprofit, DASH, and local developer, SRM, are partnering to build over 235 affordable housing units on a 4.55-acre site in Bellevue.
“Bellevue is one of the most competitive real estate markets in the country right now,” said Conor Hansen, SRM Affordable Housing Director. “Creating new affordable units in Bellevue, at a variety of income levels is extremely challenging. It requires creative, intentional deals like this one. We could not have brought this deal together without Microsoft’s partnership and commitment to affordable housing on the Eastside.”
Under Microsoft’s Affordable Housing Initiative, two affordable housing buildings will be built on 991 118th Ave SE, near the future light rail station. Microsoft loaned $25 million through their Expanded Land Acquisition Program (ELAP), which was administered by the Washington State Housing Finance Commission (WSHFC).
DASH and SRM are currently permitted to create one building that will include 135 one- and two-bedroom workforce apartments for residents earning 80% to 100% Area Median Income (AMI), with the AMI for Bellevue residents being $120,456 in 2019, according to the U.S. Census. According to SRM, the rents for these units will be approximately $2,100 for a one-bedroom, and $2,600 for a two-bedroom.
The second permitted building will convert a halfway constructed 150-unit hotel into affordable apartments consisting of 100 one, two, and three-bedroom units for residents earning below 60% AMI. This building has potential to be completed by the end of 2024.
DASH is a Bellevue-based affiliate of the nonprofit, Transforming Age, which was a housing developer founded in 1991 that works towards providing housing for workforces, families, and seniors. Out of the 800 affordable housing units Transforming Age oversees, 272 are located in Bellevue’s downtown and Wilburton neighborhoods, and house nearly 500 people.
