Seattle, WA – The Low Income Housing Institute (LIHI) and New Hope Community Development Institute (NHCDI) are pleased to announce the acquisition of Squire Park Plaza on December 30 from the Jonathan Rose Companies. LIHI and NHCDI, a Black-led organization affiliated with the New Hope Missionary Baptist Church, are committed to preserving affordable housing and preventing displacement in the Central Area.
Over 75% of the residents at Squire Park Plaza are people of color.
“We are delighted to partner with the Low Income Housing Institute to purchase Squire Park Plaza as affordable housing,” Rev. Robert Jeffrey stated. “The goal of New Hope Community Development Institute is to prevent the displacement of people of color from Seattle’s Central Area and to acquire properties to preserve long-term.”
“The purchase of Squire Park Plaza will ensure that it’s 60 apartments are preserved for long-term affordability. Currently many of the existing households are struggling to pay their rent during the pandemic,” said Sharon Lee, LIHI Executive Director. “We greatly appreciate and thank Community Housing Capital and the Lucky Seven Foundation for providing acquisition bridge loans for us to quickly purchase the building before the end of the year.”
In 2022, LIHI and NHCDI will work with the City of Seattle, the State Housing Trust Fund, and financial institutions to secure permanent financing to make 100% of the units affordable to families at 30%, 50% and 80% of the area median income.
The building is located at 1700 S. Jackson St. and was originally developed in 2008 by the Central Area Development Association. There are 13 studio, 30 one-bedroom, and 17 two-bedroom apartments with rents ranging from $875 to $2,300.
The building includes eight street level commercial spaces for small and minority-owned businesses including Cheeky Cafe and Frank’s Barber Shop and Salon. Squire Park Plaza is the seventh property purchased by LIHI in 2021 to address the housing crisis. LIHI owns Ernestine Anderson Place, Abbey Lincoln Court and An Lac on S. Jackson Street and operates 3,000 affordable apartments and 16 tiny house villages. Go to LIHI.org for more information. For more info on New Hope Community Development Institute go to NHCDI.org.