Next Step Housing has requested HOME funds from the City of Yakima to assist with land acquisition and development of a new 80 unit multi-family affordable housing complex at 118 North 50th Avenue. This project completed zoning and environmental review necessary for site development. The approval process took approximately 18 months.
The project, known as the “Bicycle Apartments” is estimated to be over $19 Million in project development costs. Funding is from a partnership including the Washington State Housing Tax Credit Program ($15.4 Million), Housing Trust Fund ($1.22 Million), $1.3 Million in Loans and City of Yakima HOME funds ($1 Million).
As the annual recipient of HOME Investments funds from the Department of Housing and Urban Development (HUD), the City of Yakima must invest these funds for Affordable Housing within its jurisdiction. The City of Yakima, in granting available HOME funds, allows for continued decent, safe, and affordable housing within the City of Yakima that serves low to moderate income citizens.
Projects that receive funding from the City of Yakima HOME program must be consistent with the City Consolidated Plan, which guides HOME and CDBG funding, as well as the City Comprehensive Plan. Funding through the HOME program requires the applicant to have a HUD compliant Management Plan and ensure the housing units meet affordability requirements for a minimum of 20 years. |