Seattle Social Housing Developer to Buy Youngstown Flats for About $68 Million in West Seattle
The Seattle Social Housing Developer (SSHD), a public agency, announced on October 28 that its board has approved the purchase of Youngstown Flats, a six-story apartment building with nearly 200 homes in West Seattle, for about $68 million. The deal, SSHD's second acquisition, is expected to close in mid-December.
Built in 2013, Youngstown Flats offers large floor plans averaging more than 800 square feet, nearly 50 two-bedroom homes and 10 ADA-compliant units. The previous owner recently let the building's MFTE affordability program lapse, putting about 30 residents at risk of displacement; under SSHD's social housing model, they will be offered permanent affordability protections instead.
SSHD plans to freeze rents on existing leases for two years through December 2028, eliminate junk fees, phase out Ratio Utility Billing System (RUBS) charges during its first year of ownership, and provide every resident a free one-year ORCA transit pass. 'Providing permanently affordable, family-sized housing in different parts of Seattle is what we're all about,' said interim CEO Tiffani McCoy. With Youngstown Flats, SSHD will own almost 350 homes, and it expects to surpass 1,000 homes by the end of 2027.
Source: GSM · USA (original Chinese edition)
Photo: 从西雅图西部望向市中心天际线。Ron Clausen 摄，CC BY-SA 4.0，经 Wikimedia Commons。 / Seattle skyline seen from West Seattle. Photo by Ron Clausen, CC BY-SA 4.0, via Wikimedia Commons.
