TH Stonewood I LP has requested HOME funds from the City of Yakima to assist with land acquisition and development of a multi-family affordable housing complex at 1205 East Spruce Street, known as Stonewood Apartments. The Stonewood Apartments is a 60 unit low-income multi-family apartment complex of which 59 housing units will be set aside for households at or below 50% Area Median Income (AMI). Of the total units, 45 will be set aside for qualified farmworkers and 12 units for disabled persons. This projects total estimated construction cost amount is $7,560,223.
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. |