Director's Corner


Washington Appleseed YWCA Affordable Housing Project Successfuly Wrapped Up
By
Aug 1, 2007

We are delighted to announce that the YWCA of King and Snohomish County has wrapped up the largest affordable housing purchase in Snohomish County history, thanks to a major effort initiated by Washington Appleseed.

The $25.6 million purchase was made possible through the innovative work of Washington Appleseed Board Member Marc Greenough and a team of attorneys at Foster Pepper PLLC, who dedicated hundreds of pro bono hours to this effort.  Attorneys at Davis Wright Tremaine also contributed hundreds of pro bono hours, principally working with Seattle Northwest Securities on the financing of the purchase.

This effort has garnered local press highlighting the innovative financing model used to purchase three apartment buildings in Lynnwood, Mountlake Terrace, and south Everett.  It drew the attention of the Snohomish County Council, which voted unanimously to co-sign half of the long-term mortgage with the Everett Housing Authority.  The housing purchase includes 219 apartments and 538 bedrooms, to be made available at reduced rents for qualifying families of four with incomes less than $39,000.

We extend our thanks to all of the attorneys, and other project partners, who dedicated so many hours to this tremendous effort!


IN THE MEDIA:

Seattle Times
Friday, July 27, 2007

YWCA to launch financing program

The YWCA of King and Snohomish Counties will expand its affordable-housing program with a two-series financing program from Seattle-Northwest Securities, a bond investment-banking firm.

The financing mechanism will use both junior and senior bonds totaling roughly $28.8 million to initially fund the addition of 220 units of YWCA affordable housing. Eventually, 660 units will be provided.

According to Seattle-Northwest Securities, the junior series of bonds is unusual because the bonds were privately placed at a slightly below-market yield, and with flexible repayment terms, with investors interested in supporting the YWCA's affordable-housing goals.

The senior bonds, to be repaid on a fixed-rate basis, are backed by a pledge from Snohomish County's new contingent loan program.

Four housing authorities, representing King County, Snohomish County, the cities of Seattle and Everett, are participating.



The Everett Herald also ran a story on the purchase.  For the story, please click here.


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