King County Housing Authority protects 23 affordable rental homes in Shoreline

King County Housing Authority has acquired a 23-unit multifamily apartment community in Shoreline for $4. 29 million, preserving affordable housing for low-income residents. The property, known as Highlander House, is located at 1115 N 183rd St and comprises four 1-bedroom and 19 2-bedroom units, all currently occupied by lower-income tenants paying below-market rents. The City of Shoreline sought KCHA's assistance to prevent the property from being redeveloped at higher rents, which would have displaced its residents. KCHA's acquisition is crucial as rents in the area are rising due to light rail expansion and neighborhood upzoning.

The purchase price reflects a strategic move to maintain affordability, as it is well below the cost of redevelopment or new construction. KCHA, an independent government agency serving King County, owns over 150 properties and provides affordable housing to more than 50,000 people. This acquisition increases KCHA's non-subsidized housing units to over 9,000 in the county. The preservation of the Highlander House aligns with KCHA's mission to ensure that everyone has access to a safe and stable home.