The Yakima Housing Authority has requested HOME funds from the City of Yakima to assist with redevelopment and construction located at the United States Marine Corp Armory to provide services and approximately 40 housing units for homeless veterans. This project completed zoning and environmental review necessary for site development. The approval process took approximately six months.
The project known as the "YHA Veteran Supportive Housing & Service Center" is estimated to be over 7 million dollars in project development costs. Funding is from a partnership including Banner Bank ($750,000), Red Stone Equity Partners ($175,000), and City of Yakima ($1,000,000).
As the annual recipient of HOME Investment 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 and in this case veterans.
Projects that receive funding from the City of Yakima HOME program must be consistent with the City Consolidated Plan, which guides HOME funding, as well as the City Comprehensive Plan. Funding through 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. |