February 16, 2022

New Affordable Housing Development in Snohomish County, novo on 52nd

Pacifica assists the Housing Authority of Snohomish County with innovative affordable housing development.

Pacifica is proud to have assisted the Housing Authority of Snohomish County with an innovative affordable housing development to be known as novo on 52nd. The Authority determined that one of its aging properties in Lynnwood could be most cost effectively upgraded through replacement, rather than rehabilitation. The Authority embarked on an innovative partnership with an experienced developer, The Inland Group, to finance and construct a new, 242-unit housing community on the site of the old project with tax-exempt bonds and low-income housing tax credits. This partnership will provide homes to households making no more than 60% of area median income for Snohomish County (currently $69,420 for a family of four), and assigns responsibility for the parts of the transaction to the party best suited to perform: the private developer will construct the project and the Authority will assume full ownership upon completion.