Capitol Hill is the most densely populated neighborhood in the Northwest, and it remains a rapidly growing population center. Recent years have brought dramatic gentrification to Capitol Hill, with massive development of high-end condominiums replacing older apartments and single family homes and leaving low-income residents with few housing options. Affordable office space and arts space is also becoming increasingly rare.
Capitol Hill Housing, in partnership with NDC, developed the 12th Avenue Arts building. Located in Capitol Hill, just a few blocks north east of Seattle’s downtown, the $47.2 million project is mixed-use and offers 88 low-income housing unit’s that serve households earning 60% of area median income. There are two Performing Arts Theaters, An underground, secured parking facility for the Capitol Hill Police Precinct (111 parking spaces) and additional underground parking for residents. There is also 17,000 square feet of nonprofit office space, public meeting space, and restaurant and retail space.
Due to the variety of uses, the project was financed using a variety of funding partners and various economic development finance resources. NDC provided Low income housing tax credit equity through its affordable housing arm, NDC Corporate Equity Fund. NDC also provided new markets tax credit equity to finance the construction of the performance art space and office space and acquired a HUD 108 loan on behalf of the City of Seattle that was used to help finance the construction of the Seattle Police Department’s underground parking garage.