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Comprehensive Housing Strategy
As a Community Housing Development Organization (CHDO),
Spokane Housing Ventures strives to meet local and regional
housing needs. SHV accomplishes this through direct real
estate development, from feasibility through initial rent-up
of existing properties, including purchase of land and
construction of new buildings, and partnering with
neighborhood groups, other housing or service providers, and
public and private funding providers.
In an effort to continue to grow and expand our portfolio of
safe, decent, affordable housing in this region, SHV is
expanding the scope of our development efforts to
 include
mixed use projects, affordable and market rate rentals.
SHV employs two full-time real estate
development staff who work directly with our community
partners including neighborhood and community groups,
private lenders, investors, and real estate professionals to
identify appropriate sites, financing options, funding
strategies, and the economic feasibility of projects.
In addition to SHV real estate development efforts, we work
closely with for-profit developers to incorporate affordable
housing in market rate housing developments to create
diverse, vibrant neighborhoods which become unique places to
live.
Kensington Court: Kensington Court was purchased in February, 2009 and Spokane HousingVentures began major renovations on these 33 units May, 2010. This is considered a workforce housing development, with 28 units currently occupied. All units are receiving state of the art renovations for heating, appliances and weatherization upgrades. Construction is expected to be completed in November, 2010.
Clare View Seniors: Clare View Seniors is a new construction 61 unit project on the South side of Spokane, on the Clare House Campus. This project will target seniors, 55 and older and will complement the existing Clare House senior project on an adjacent site. Financing is in place for this new construction project, which is slated to begin construction in 2011. Financing includes Low Income Housing Tax Credits, investor funds, City of Spokane HOME funds, Spokane County 2060 Affordable Housing funds, and a large Affordable Housing Program grant from the San Francisco branch of the Federal Home Loan Bank. This project is being developed and built in partnership with Whitewater Creek, a for profit developer out of Hayden, Idaho.
Centennial Trails Seniors: Centennial Trails is a new construction 73 unit project currently in pre-development, located in the Kendall Yards neighborhood. This project will target seniors, 55 and older, focusing on lower income tenants. These units are being built using the current Evergreen Sustainable Development Standard criteria (ESDS). Financing consists of Low Income Housing Tax Credits, investor funds, and private first mortgage with possible gap financing from City of Spokane HOME funds. Pre-development costs are being paid, in part, by Greenstone Homes, owner of Kendall Yards properties. For more information about Kendall Yards neighborhood, go to: www.KendallYards.com
Washington Works Project: Spokane Housing Ventures is currently reviewing several properties to determine best option for Washington Works, which is a new financing source for non profit developer/owners. Washington Works will provide gap financing in conjunction with Washington State Housing Finance Commission bond programs. We invite you to visit 'In the Pipeline' in the near future to see which site has been chosen.
Partnership, Investment and Lending
Opportunities
Throughout the course of SHV development, we look for ways
to incorporate a blending of financing tools in order to
meet the needs of projects. This means that there are
investment opportunities, lending opportunities and
partnership opportunities. Visit our partners: |
