July 25, 2023

Unique Affordable Housing Development Completed by Pacifica Client

The Housing Authority of Snohomish County (HASCO) recently completed novo on 52nd, a groundbreaking affordable housing project on 12 acres in Lynnwood, Washington, bringing a wealth of income-restricted homes to the community just north of Seattle.

The novo on 52nd development brings amenity-rich, affordable housing to Lynnwood, WA.

Apartments in novo on 52nd include fully equipped kitchens, full-size washers and dryers, air conditioning, and balconies or patios—ensuring the modern, 1- to 4-bedroom homes are move-in-ready and financially accessible. The novo on 52nd apartments also offer significant amenities to residents, including raised community garden beds, a community clubhouse with a computer room, fitness center, and indoor basketball court, and secure, covered onsite bike storage, among other features. Individuals and families who meet certain income restrictions were able to apply for the apartments, and at the time of writing the development was 84 percent occupied and 99 percent leased.

Pacifica Law Group partners Faith Pettis and Jon Jurich, and associate Katherine Van Gunst, served as bond counsel to HASCO with assistance from John De Lanoy and Erik Jennings, as HASCO’s real estate counsel. The team worked on this redevelopment of a previously existing HASCO apartment, leveraging tax-exempt bonds and low-income housing tax credits.

HASCO entered into a public-private partnership with the Inland Group, an experienced Spokane-based affordable housing developer. HASCO provided access to tax-exempt bonds and low-income housing tax credits. The Inland Group handled all aspects of the development, from demolition of the existing buildings to construction and lease-up of the new community. Now, HASCO will buy the Inland Group’s partnership interests and assume full ownership of novo on 52nd.

“The trust and cooperation between HASCO and the Inland Group allowed each side to do what it did best and ensured a successful, efficient outcome,” said Pettis. “We were so pleased to be part of this groundbreaking public-private partnership.”

With a housing finance practice focused exclusively on representing public entities working to increase affordable housing opportunities, Pacifica is delighted to see and celebrate HASCO’s successful completion of novo on 52nd, which brings 242 beautiful new homes to Lynnwood and the greater Seattle metropolitan area.

For more information about Pacifica’s housing finance services, please visit our practice page.