The South Sound Housing Affordability Partners just approved their first major investment to help build affordable housing in Pierce County.
The group voted to commit up to $966,000 to support the future construction of up to 28 homes for families earning below 80% of the average median income. The homes will be built on 4.22-acres of land in the Frederickson area that was acquired by the Pierce County Community Development Corporation last year.
Funding comes from several local governments, including the cities of Auburn, Fife, and Sumner, and from Pierce County. Construction is expected to start in 2027, after a housing developer is chosen later this year.
“Affordable housing isn’t just a regional issue – it’s a local concern driven by necessity,” said Auburn Mayor Nancy Backus. “This investment is proof that when we work together, we can build and invest in a future where everyone has the opportunity to live and thrive right here in the South Sound.”
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An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...
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The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...
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