Apartment building in North Bend, Washington
440 Main Ave S, North Bend, WA 98045
Mt. Si Senior Center to buy Cascade Park Apartments to preserve affordable senior housing.
It is of monumental importance to protect Cascade Park Apartments to keep it affordable, as these housing units represent half of the affordable senior housing in the Valley
The senior center intends to purchase — and improve — 28 units of low-income and senior housing in the Cascade Park Apartments building. The center has received help from affordable housing professionals, the support of local elected officials, and is hoping to receive funding from the U.S. Department of Agriculture and King County to make the purchase possible.
The apartment building, constructed in the 1980's with USDA funds for rural development, went up for sale in December, 2017. Per the release, senior center leadership recognized the importance of the opportunity. Additionally, Mt. Si Senior Center is already experienced in affordable housing, as the organization developed and owns Sno Ridge Apartments, also located in North Bend
Between Cascade Park and Sno Ridge Apartments, there are 67 units of affordable senior-only housing in all of Snoqualmie Valley. From North Bend to Duvall, that's it, 67 units.
In contrast, the estimated number of people in that same area who are in need of low-income senior housing at 350 or more. The waitlist for seniors to get into one of these apartments averages over 24 months.
To preserve the low-income housing, the senior center had to make an acceptable offer, which it did with the assistance of the King County Housing Authority and the support of elected officials.
They have a signed purchase and sales agreement with the owners and have roughly two years to raise the purchase price of $4.475 million, plus rehabilitation costs. The agreement designates a 2020 closing date.
In all, Kingsbury-Comeau estimated the center would need to raise closer to $6 million, to cover related purchase costs, predevelopment costs and building maintenance and rehabilitation needs. She anticipated the funding would come from a combination of private and public sources. Current residents will not be displaced and rents are likely to be subsidized with federal help, so that no one will pay more than 30 percent of their income for rent. Services for residents will be available at the senior center.
The purchase, Susan Kingsbury-Comeau, the executive Director at Mt. Si Senior Center, said, "is one of the biggest things we've done as a senior center... It's going to take time, it's going to be hard, but we'll get it done."
from livingsnoqualmie.com/ Valley News, the article "Mt. Si Senior Center to buy Cascade Park Apartments to preserve affordable senior housing" published on November 15, 2018