Seattle needs affordable housing. If there’s one neighborhood you might not expect to find any, it’s the tech hub of South Lake Union. However, ground was broken on a new low-income housing building on Dexter Avenue that challenges that notion.
Tuesday, Bellwether Housing broke ground on Anchor Flats, a 71-unit building in South Lake Union that will provide affordable rents for lower income individuals and small families. Rents will range from $840 to $1200, which is close to half of average current market rents in the immediate neighborhoods. These rents are set to be affordable to households with incomes of $31,000 - 037,000 for a single person household and $36,000 - 43,000 for a two-person household.
According to Susan Boyd with Bellwether Housing, they try to maintain a zero-vacancy rate as much as possible. “Once a vacancy pops up, it's taken almost immediately by a family who needs it.”
Anchor Flats is financed in part through the City of Seattle’s Incentive Zoning Program and the Seattle Housing Levy but also receives funding from investors, key financial partners, and tax credits.
Runberg Architecture Group will design the complex while Rafn Company is the contractor. Construction is now underway with completion scheduled for March 2018.