REDI Fund Finances Two East King County Acquisitions
In November, the Regional Equitable Development Initiative (REDI) Fund closed two low-cost loans to help acquire sites for affordable housing near transit on the east side of King County.
The REDI Fund loaned $2.6 million to TWG to purchase the Grata at Totem Lake. TWG is planning to develop a new 115 apartment affordable housing development on the site serving individuals and families up to 60 percent of area median income. TWG proposes to develop the project utilizing 4% Federal LIHTC, a cash flow loan from the Seattle Foundation’s Evergreen Housing Impact Fund, a permanent mortgage and deferred developer fees.
Two weeks later, the REDI Fund closed a loan for $5 million to assist LifeWire to acquire a property in East King County to safely house domestic violence survivors. The REDI Fund was joined by King County in financing the purchase.
We are proud to be able to support some of our neediest neighbors and our essential workers to make homes near transit, jobs, and high-quality public schools to help.
With these two closings, the REDI Fund has deployed 94 percent of its original capital with loans in four of the five Sound Transit sub-regions: Pierce County, South King County, Seattle and East King County. As some of the acquisitions financed by the fund move to construction, the REDI Fund will revolve repayments to purchase additional transit-oriented sites throughout the three county Sound Transit region.
The public-private partnership REDI Fund has been financing transit-oriented development (TOD) acquisitions since 2017 with a $21 million fund with investments from: