November 1, 2017

Celebrating the Financial Closing of 22 North in Bellingham, Washington

22 North in Bellingham, Washington

 

Opportunity Council is celebrating the recent closing of 22 North in Bellingham, Washington. The new development will add 40 homes for homeless people transition age youth (18-24 years old) and individuals with mental illness. Rents will be affordable between 30 percent and 50 percent of the Area Median Income and the Opportunity Council and Northwest Youth Services will provide extensive resident services.

Financing

Heritage Bank is providing $5.1 million of construction financing. Permanent financing includes $1 million from the City of Bellingham, $1.5 million from the Washington State Housing Trust Fund and $430,000 from Northwest Youth Services. Enterprise will provide $7 million of equity toward the development of this important project.

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