Bellwether Housing celebrated the
completion of its latest affordable housing project, The Parker Apartments, on
May 21, adding 50 units to Seattle’s supply of affordable housing.
The Parker Apartments building (2701 Third Ave. W.) is
located on Queen Anne Hill. These apartments will serve those who earn up to 60
percent of the area median income (from $37,680 for one person to $48,420 for a
family of three) and will be made affordable to income-eligible residents at
rents that are about half of the average market rate for Seattle today.
Bellwether Housing acquired the 1960 apartment building
from Seattle Pacific University, which previously operated it as student
housing. Bellwether, with general contractor Rafn Co., has just completed a
rehabilitation of the building.
With The Parker Apartments, Bellwether is introducing a
new approach to funding its affordable apartment developments. This project is
being funded in part through its impact investment initiative, in which
investors make commitments in affordable housing for a modest return,
ultimately expanding the supply of affordable housing for the community’s
In addition to the impact investment, financing for the
project included a loan from the City of Seattle housing levy, low-income
housing tax credit equity from National Equity Fund and a loan from U.S. Bank
made possible through the issuance of tax-exempt bonds by the Seattle Housing
The Seattle Housing Authority also provides rental
subsidies for eight of the units, further reducing rents for the lowest-income
Bellwether Housing owns and
operates 30 buildings and 1,900 units throughout Seattle.