The Genesee: Charting New Financing Territory To Provide Affordable Housing For The Disabled

Thursday, August 24, 2006

In 2001, Seattle Housing Authority selected the Housing Resource Group (HRG) to build apartment homes in Rainier Vista, a HOPE VI project in Seattle, Washington. The result: The Genesee apartments, which are the nation's first mixed-finance, mixed use project to be completed using HUD's Section 811 Supportive Housing for Persons with Disabilities program, Low-Income Housing Tax Credits and numerous other funding sources. In the process HRG established a prototype for non-profit sponsors throughout the country to follow.

[Photo 1: The Genesee apartments]

"As a developer in an organization with a long history of financial innovation," said Sarah Rick Lewontin, Executive Director, HRG, "I agreed to apply for a combined funding package using HUD's Section 811 and tax credits. This combination of previously incompatible funding sources was made possible by the tax reform act of December 2000, but at that time the rules were not established."

"We were working in uncharted territory, so it took a long time to accomplish our goal, but thanks to our fantastic team - including HUD's Seattle Multifamily staff - The Genesee was the first project in the nation to get HUD approval for mixed-financing and the first project to close all our financing."

"The complicated process has all been worth it because we have created 50 gorgeous apartments for a variety of people - working people, people in transition from homelessness, people with a variety of disabilities and people without disabilities. And thanks to HUD and all our funding partners, it will be here for a long time, providing comfort, safety, accessibility and affordability to thousands of people throughout its life."

"I am deeply grateful to the Seattle HUD staff for their ability to help the whole team work through the astoundingly complex issues required to make The Genesee a reality."

[Photo 2: Sign for The Genesee]

Kurt Schimek, a new resident at The Genesee expresses his gratitude, "This building was built to assist disabled and low-income people like myself. When I moved in, I had just left the hospital and weighed 103 pounds. Moving into this building has given me a stable environment so I am able to begin healing and getting well. Since moving in I have gained 60 pounds and stabilized my health. This apartment has given me a place where I can feel like I am at home and comfortable with my surroundings and greatly improved the quality of my life."

Another resident, Rocky Rankin, stated, "I moved to a one-bedroom in The Genesee. My previous studio apartment did not have the amenities that I have here such as handrails that make my apartment easily accessible. This has enhanced my life both physically and mentally. Due to my medical problems increasingly getting worse, knowing that I have a decent and healthy place to live has encouraged me to strive to get healthier."

The Genesee consists of 50 apartments, of which 22 are for people with disabilities, including persons with HIV/AIDS and developmental disabilities. 42 of the 50 apartments receive rental assistance.

 
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