2019 Development that Best Preserves Existing Affordable Rental Housing
Mt. Baker Village Preservation
Developer: Mt. Baker Housing Association
Owner: Mt. Baker Housing Association
The Mount Baker Village rehabilitation development provides two prime examples of LIHTCs preserving both a historic building and a historic and culturally important tenant base. The development in Seattle was built in 1957 as garden-style apartments. The property was purchased by Mt. Baker Housing Association in 1988, which made early use of the LIHTC program in Washington to rehabilitate the community.
LIHTC financing helped Mt. Baker Housing Association reimagine the late-1950s garden-style apartments into a 21st-century community that is close to local transit, grocery stores, schools and community-based organizations. The newly renovated development includes 156 low-income apartments across nine buildings for people who make 50 or 60 percent of the area median income (AMI).
“Mount Baker Village is a great example of how to keep a project in the program through the years,” said Dixon.