REACH completes renovation of Washougal apartments

REACH Community Development has completed its preservation of Washougal’s Towne Square Apartments. The complex, originally built in 1977, is comprised of 40 affordable homes for low-income families.

Nearing the end of its rental subsidy contract, REACH purchased the Towne Square Apartments in September in order to preserve and maintain its affordable home status. The organization then began substantial renovations.

Designed by Portland-based Carleton Hart Architecture, renovations included ADA accessibility upgrades; improvements to the siding, windows, and energy efficiency enhancements to the heating and ventilation systems; addition of community space, and play area; and upgrades to individual units. The development team included REACH CDC, LMC, Inc., Carleton Hart Architecture, and the Housing Development Center.

The $7 million dollar acquisition and renovation project was financed with 4 percent Low Income Housing Tax Credits from the Washington State Housing Finance Commission, equity from Raymond James Tax Credit Funds Inc., State of Washington Department of Commerce Housing Trust Fund, Clark County HOME Investment Partnership, Wells Fargo, NeighborWorks(R) America and NIKE. Permanent financing is being provided by North Cascades Bank through the Washington Community Reinvestment Association (WCRA). Congresswoman Jaime Herrera Beutler provided assistance on obtaining final approvals needed from the office of USDA Rural Development.

“Preserving Towne Square was a mission-critical project for us,” said REACH CEO Dan Valliere in a press release. “We’re pleased to have the ability to preserve homes in Washington for low-income families, many of whom would’ve been displaced with nowhere else to go. Keeping this project affordable is essential in today’s tight rental markets.”

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