Norwest Village
Property Description
Norwest Village & Bishop Park portfolio offers 60 units of critical affordable housing in Port Townsend. With a diverse mix of 1, 2, and 3-bedroom units, this is an irreplaceable asset in a market defined by extreme construction costs and a lack of available land. Key Highlights: Low-Capital Entry: Available USDA preservation funding allows mission-driven organizations to acquire these assets with minimal to no capital outlay. High-Barrier Market: Port Townsend is a notoriously difficult market to penetrate; this is a turnkey way to secure 60 units for low-AMI households. Subsidized Stability: Majority-subsidized USDA project with 521 Rental Assistance in place. This is the most efficient path to preserving long-term affordability in Jefferson County without depleting local community funds. USDA Disclosure 1. Based on funding availability, USDA Rural Development may provide funding to make this purchase possible. Funding may include 100 percent Rental Assistance and interest credit assistance that reduces the loan note interest rate to one percent. 2. THE NON-DISCRIMINATION STATEMENT: “This institution is an equal opportunity provider”. 3. The FAIR HOUSING ACT STATEMENT/SLOGAN/LOGO: Statement: We are pledged to the letter and spirit of US policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing programs in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin. OR Slogan: “Equal Housing Opportunity”; OR, Logo: 4. Local Not-For-Profits organizations and public agencies have priority over regional and national Not-For-Profit organizations and public agencies.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings | Affordable Housing |
| Price: | $6,400,000 |
| No. of Units: | 30 |
| Year Built: | 1984 |
| Lot Size: | 2.14 Acres |
| Opportunity Zone: | No |
| Price per unit: | $213,333 |
| Property Website | Click Here |
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