$46.6M financing boosts affordable housing at new White Center HUB

Capital One has announced the closure of a $46.6 million financing package to support the construction of a 76-unit affordable housing community in unincorporated White Center.

The new development, named White Center HUB (“Hope, Unity, Belonging”), will be spearheaded by Community Roots Housing, a nonprofit affordable housing developer.

Data from the King County Department of Community and Human Services indicates that over three-quarters of low-income households in King County are housing cost-burdened, spending more than 30% of their household income on rent, mortgage payments, and utilities. White Center HUB aims to address this issue by providing one-, two-, three-, and four-bedroom units, with rent restrictions at 30%, 50%, and 60% of the area median income (AMI). The development will also reserve 24 units for families with children.

“Financing the creation of new affordable housing is an important part of advancing King County’s goal of reducing housing cost-burden among low-income households,” said James Chase, Capital Officer for Community Finance at Capital One. “This community will provide much-needed affordable housing to residents – in particular, residents with children – in a high-cost market.”

The financing package from Capital One includes a $23.2 million low-income housing tax credit (LIHTC) equity investment and $23.4 million in construction debt. Additional funding from King County and the State of Washington will further support the development of White Center HUB.

Located near open spaces, schools, and public transit, White Center HUB is designed to foster a sense of community by offering social services to residents and the broader neighborhood. Adjacent to the property, Community Roots Housing and the White Center Community Development Association (WCCDA) are developing a community center that will serve as WCCDA’s headquarters.

“The residential property and community center will enrich the lives of the families and individuals who live and work in White Center,” said Chris Persons, CEO of Community Roots Housing. “This development embodies our vision to provide stable, affordable housing and supportive services for residents across this community.”

WCCDA, along with partners such as FEEST Seattle, HealthPoint Clinic, Southwest Youth and Family Services, and YES! Foundation, will provide onsite services at White Center HUB, including community health services, education, youth leadership training, advocacy, and community gathering events.

For more info, visit https://www.wccda.org/hub.