Property Managers

Thanks to the residents of Seattle who consistently support the Seattle Housing Levy, over 11,000 affordable apartments throughout the city are available to low-income families. These units are kept affordable for 50 years through contracts managed by the Office of Housing. The Multifamily Tax Exemption and Incentive Zoning Programs are responsible for an additional 4,000+ units available to low to moderate income households for a period of 12 to 50 years. Each year, OH works with building owners and managers to ensure these properties are maintained well and occupied by the intended residents. To assist with these responsibilities, a list of resources is compiled below.

 

 

Leighton Apartments Sale

Additional Affordable Homes to be Funded with Sale of Leighton Apartments

Community House Mental Health Agency (CHMH) is capitalizing on an opportunity to sell the Leighton Apartments, resulting in an estimated net increase of 16 affordable homes. The sale proceeds will be re-invested in the Patricia K building which will provide 52 permanent homes and supportive services for people who are experiencing long-term homelessness and have disabilities. The new development is located at 23rd and Jackson, just a mile and a half from the Leighton Apartments and is scheduled to open in the fall of 2019.

The Leighton Apartments is a 23-unit building located at 814 Columbia Street in the First Hill neighborhood constructed in 1907. The Office of Housing (OH) provided financing for the purchase of the building and rent and incomes are restricted by a regulatory agreement. OH does not permit housing providers to sell affordable properties, unless an analysis meets robust financial and policy criteria.  These criteria include:

  • Relocation of Residents: CHMH has negotiated an extended closing date of 150 days with the buyer to allow enough time to relocate all residents to other CHMH properties.
  • Sufficient Financial Return: The sale price of the building is $3.837 million or $174,409 per unit, the assessed value of the building.
  • Immediate Investment Opportunity: The sale funds are sufficient to create about 38 new affordable homes restricted at the same affordability level and intended to serve the same population, a net gain of 16 affordable homes. As stated above, the proceeds from the sale will be re-invested in new permanent supportive housing at the Patricia K building currently in development by CHMH.
  • Condition of Property: Although the property is in adequate condition, an independent architectural evaluation indicated need for significant capital re-investment in building systems within a few years. Sale of the property will allow replacement of the existing apartments with newly constructed homes and will mean better living condition for residents and significant cost avoidance.

Given these policy and financial and policy considerations, Steve Walker, Director of the Office of Housing approved the sale of the Leighton Apartments.

Dan Foley

Portfolio Manager