The Yakima Housing Authority has requested HOME funds from the City of Yakima for acquisition reimbursement for the construction of a 54 unit multifamily affordable housing project known as Fruitvale Housing, located at 1116 Fruitvale Blvd. This project will assist low income families 50% of which will be homeless at entry. This project completed zoning and environmental review necessary for site development. The approval process took approximately 6 months.
The project, known as “Fruitvale Housing” is estimated to be over 16.5 Million dollars in project development costs. Funding is from a partnership including Housing Trust Fund ($3,500,000), Dept. of Ecology ($100,000), LIHTC ($11,867,358), and YHA Deferred fee of ($131,000).
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 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. |