The Vancouver Housing Authority plans to purchase a 98-unit house constructing nonetheless below building within the Van Mall neighborhood to broaden town’s inexpensive housing inventory.
The Low-Earnings Housing Tax Credit score program, a federal program administered by the states, in addition to a mortgage from town of Vancouver, will assist cowl the $28 million price.
All models within the five-story Cascara Residences complicated might be designated for households incomes not more than 60 % of the realm median earnings — that’s, $49,560 yearly.
The chance to buy the property, which is alongside Northeast 94th Avenue simply east of Vancouver Mall, arose all of the sudden, VHA Chief Government Officer Andy Silver mentioned. VHA obtained approval from the state simply final week and can take possession on Dec. 16, he mentioned.
The Vancouver Metropolis Council permitted a $2.5 million mortgage to fund the acquisition.
VHA expects the Cascara Residences might be prepared for brand spanking new residents to maneuver in subsequent month.
“The community obviously needs more affordable housing. So anytime there’s an opportunity to do more, we try to do so,” Silver mentioned.
Editor’s word: This story was up to date to replicate the proper price of the house constructing.