The Low Income Housing Institute (LIHI) is set to begin construction on Martin Way Phase 2, a 64-unit supportive housing apartment building located at 111 Pattison Street NE in Olympia, Washington. This project is made possible by the passing of the Home Fund Levy by the community and will provide much-needed affordable housing options.
Spanning over 48,500 square feet, this property will offer a mix of studio and one-bedroom units totaling to 40 studios and 24 one-bedrooms. The architect for this project is Encore Architects while Deacon Construction has been selected as the contractor. Completion of Phase 2 is expected in September of2024.
Financing for this development includes Raymond James as a tax credit equity investor and JP Morgan Chase as an investor and construction lender. Other funders include State Housing Trust Fund, Thurston County, City of Olympia,Housing Authorityof Thurston County,Federal Home Loan Bankof Des Moines,theHome Depot Foundation,Banner Bank,andWashington State Housing Finance Commission.
According to Olympia Mayor Cheryl Selby,”These types of projects are exactly what we had hoped for when our community passedtheHomeFundLevy.” With such strong support from various organizations,this development aims to provide safeandaffordablehousingfor those who need it most.The post LIHI Breaks Ground on64-UnitHousingBuildinginOlympia appeared first on Connect CRE .
