106 unit income-capped project planned for Congress Heights

Photo courtesy of UrbanTurf

UrbanTurf has the story. FYI -- the article says the project is in Bellevue but actually it's in Congress Heights. They linked to one of my editorials on the subject so I suppose there is that. 

Excerpt:

“Eighty percent of the units will be for households earning up to 50 percent of median family income (MFI) and the remaining 20 percent will be for households earning up to 30 percent MFI. Residents of the existing 30 apartments on the site will be able return to the development once completed.

The unit mix will include 20 studios, 34 one-bedrooms, 20 two-bedrooms and 32 three-bedrooms. Because the development will be financed with low income housing tax credits, affordability requirements will expire in 40 years, at which time roughly 11 units will revert to being for households earning up to 60 percent MFI.”

Just a reminder that those MFI's mean in real dollars..