Enterprise-Supported Development Wins Charles L. Edson Tax Credit Excellence Award
Mercy Magnuson Place, which provides almost 150 well-designed affordable homes in Seattle, has won the prestigious Charles L. Edson Tax Credit Excellence Award in the Historic Preservation Category from the Affordable Housing Tax Credit Coalition.
We congratulate Mercy Housing Northwest for spearheading the redevelopment of such a high-impact project. Enterprise Housing Credit Investments is proud to have invested $35 million of Low-Income Housing Tax Credit and Federal Historic Tax Credit equity towards the rehabilitation alongside Bellwether Enterprise which provided $8 million in permanent financing.
Formerly known as “Building 9,” Mercy Magnuson Place is situated in Seattle's 350-acre Magnuson Park, the site of the former Sand Point Naval Air Station. Originally built in the 1930s as a 240,000 square-foot military barracks, Building 9 grew vacant and fell into disrepair after the closure of the naval air station in the early 1990s.
Mercy Housing Northwest reimagined the former barracks as a vibrant new community located in a revitalized historic structure where lower income families could thrive in Seattle’s high-cost housing market. The adaptive reuse and historic preservation now provides 148 affordable homes, combined with an on-site childcare center, neighborhood health clinic, and numerous common area amenities.