HopeWorks Station II Provides Affordable Homes and Jobs Training in Everett
Everett, Washington, has taken a leap forward in innovative development this spring with the groundbreaking of HopeWorks Station II, a $30-million, transit-oriented building designed to utilize net-positive (105 percent) energy through ultra-high energy efficient design and a photovoltaic array. This is a partnership between Housing Hope, a housing agency, and HopeWorks, an employment agency.
Located in the Everett Transit District, the Housing Hope development will provide 65 homes for low-income and homeless families, homeless veterans, homeless transition-aged youth and individuals with mental health and substance abuse issues. HopeWorks will provide extensive services, including job training and assistance with a life-skills service plan.
The property is conveniently situated near daily services, schools, and is well connected to transit. The development boasts a street level commercial space with a cafe, designed for future social enterprise businesses and second-fourth floors for residential units with amenity space, outdoor courtyards and laundry facilities.
The first floor and mezzanine is financed by New Markets Tax Credit allocations and will include a 13,000-square-foot ground floor that will expand the HopeWorks culinary training programs with several food service lines of business.
Enterprise began work with Housing Hope and HopeWorks on this development in 2012, providing support and technical assistance to expand their capacity to engage in the high-density, transit-oriented development and assure that equitable opportunities for lower-income residents would be front and center.
A key component of HopeWorks Station II’s success is the strong support from the Everett Station District Alliance. The alliance has a 43-member base including property owners, transit agencies, The Economic Alliance, community stakeholders and local organizations and nonprofits.
“Enterprise has been a champion for HopeWorks Station II as the first catalyst project in the neighborhood redevelopment,” HopeWorks Chief Strategic Officer Ed Petersen said. “Thanks to Enterprise’s technical assistance, advocacy and Section 4 funding, the Everett Station District Alliance was formed and engagement sessions conducted to ensure HopeWorks was created by the community, for the community.”
A number of financial partners makes HopeWorks Station II possible. JPMorgan Chase providing $10.7 million in construction financing. Permanent financing includes $1.75 million of Washington State Housing Trust Funds, approximately $1,078,983 from Snohomish County and $1,277,937 from the City of Everett. Enterprise provided $13.2 million of housing credit equity on behalf of Northern Trust. For the commercial element, financing includes $2.7 million from Washington State Building Communities Fund, $3.2 million from Housing Hope’s capital campaign, and a $1.7 million social investor loan. Enterprise provided $2.9 million in New Markets Tax Credit equity on behalf of Northern Trust, and Enterprise Community Loan Fund is providing $4.3 million in bridge financing.