New Affordable Housing Units Open: A Community Initiative
New Affordable Housing Opportunity Opens
The Evergreen Impact Housing Fund (EIHF) is excited to announce the opening of its latest housing project, Copper Way. This development is designed to accommodate working families who are seeking affordable living options. Copper Way now stands as a beacon of hope for many families aspiring to find a comfortable and budget-friendly home.
About Copper Way
Copper Way features a total of 256 garden-style affordable units with a strong emphasis on family-oriented apartments. Remarkably, over 80% of these residences boast two or more bedrooms—specifically designed to cater to familial needs. With 80 three- and four-bedroom configurations available, this development sets a new standard for family-sized units, thanks in part to EIHF's innovative financing structure.
Collaboration for Success
This project is the result of an impressive collaboration between various stakeholders, including developers, public and private sector funders. Ken Takahashi, EIHF fund manager, expressed pride in the partnership that made Copper Way a reality, highlighting the essential role of creative, cross-sector solutions to meet the increasing housing demands.
Support from Local Credit Unions
A key component of Copper Way's financing came from a consortium of local credit unions in Washington State. Noteworthy contributors include BECU, Sound Credit Union, Verity Credit Union, and Washington State Employees Credit Union (WSECU). These institutions have been vital partners since 2020, investing in the vision of creating affordable living spaces.
The Impact on the Community
The credit unions collectively stated their delight in celebrating the opening of Copper Way, emphasizing how such innovative partnerships provide significant benefits to the community. With homes now available for 256 families, this project directly influences the local economy and enhances community well-being by investing in the futures of residents.
Construction and Future Collaborations
Inland Group was the engine behind the Copper Way project, which broke ground recently. Charlie Anderson, the President of Inland Group, stressed the importance of collaboration in developing affordable housing solutions that effectively serve the community's needs. With ongoing efforts for future housing projects, they aim to continue this vital work across Washington State.
Focus on Affordability
The apartments at Copper Way are designed for individuals and families earning around 60% of the area median income, which translates to an income of about $69,480 for a family of four. By offering significant discounts on current market rents, Copper Way ensures that families can secure quality housing without facing financial strain.
A Community Celebration
To commemorate the grand opening, representatives from the participating organizations gathered to celebrate this momentous occasion. The ribbon-cutting ceremony allowed attendees to tour the impressive facilities, highlighting the community's commitment to affordable housing.
Contact Information for Further Inquiries
If you’re interested in learning more about Copper Way and potential residency, representatives are available for questions and applications. Evergreen Impact Housing Fund remains dedicated to fostering affordable housing developments throughout the region.
Frequently Asked Questions
What is Copper Way?
Copper Way is a new affordable housing development with 256 units primarily aimed at working families.
Who funded the Copper Way project?
The project was funded by a consortium of Washington State credit unions and contributions from the Evergreen Impact Housing Fund.
What is the affordability criteria for Copper Way?
The units are intended for individuals and families earning about 60% of the area median income.
How many families can live in Copper Way?
Copper Way is designed to accommodate 256 families, promoting a close-knit community.
Are there plans for more affordable housing in the future?
Yes, Inland Group and EIHF are collaborating on multiple upcoming projects aimed at increasing the availability of affordable housing.
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