Affordable Housing

from Heritage Bank 2022 Community Investment Report

Large Grants

began in January 2023. Once complete, the building will feature approximately 95 studio units for single adult tenants who are disabled and formerly homeless, with 25 units used to house homeless veterans.

In addition to the available housing and supportive services, the project will bring many benefits to the Burien community:

• All of the sidewalks will be replaced

• The perimeter will be completely landscaped

• There will be free indoor meeting spaces for community members and both indoor and outdoor space for tenants

• Approximately 20 jobs will be created and filled to keep the building staffed at all times

Downtown Emergency Service Center

Burien, WA

Downtown Emergency Service Center (DESC) was founded in 1979 to provide emergency shelter and survival services for people living in a state of chronic homelessness. Today, the organization is nationally recognized for implementing innovative, cost-effective strategies that bring people into supportive housing. DESC owns and manages 1,347 housing units throughout Seattle.

Currently, DESC is working on an affordable housing development in Burien, WA, that will create much-needed stable, supportive housing for those experiencing homelessness in the area. A site has already been established and construction

• A new large art piece, created by local artists, will be featured on the side of the building

Heritage provided a $17.5 million construction loan and a $21.4 million Low-Income Housing Tax Credit equity investment. We also sponsored a $750,000 Federal Home Loan Bank Affordable Housing Program grant, which the project was awarded.

Northwest Housing Alternatives

Warrenton, OR

The city of Warrenton, located on the coast of Oregon, has not seen new affordable housing development in some time. The city’s population has grown significantly over the last couple of years, resulting in rising rental costs, and much of the housing that’s built is on the higher end of the market. Because of this, many cannot afford to live in the community in which they work. Seniors are also being displaced due to rising housing costs— many who have lived in the community their entire life.

Recognizing the need for additional housing options, Northwest Oregon Housing Authority (NOHA) partnered with Northwest Housing Alternatives, a Milwaukie-based nonprofit affordable housing developer, to build Trillium House, a new 42-unit affordable housing complex.

The four-story building will include one-, two- and threebedroom units for households earning up to 60% of area median income. Five units will be dedicated to households with serious mental illness; eight units will be reserved for households with project-based vouchers, which ties assistance to a unit versus an individual; and six units will be reserved for households under the agricultural workforce tax credit program, which can be used by workers at seafood processors. In addition to living quarters, NOHA is partnering with Clatsop Behavioral

Other Affordable Housing Projects

Good Shepherd, Seattle, WA – Low Income Housing Institute

New construction of 86 affordable homes

Englewood Garden Villas, Yakima, WA – Shelter Resources

New construction of 257 affordable homes

Trillium House, Warrenton, OR – Northwest Housing

Alternatives & Northwest Oregon Housing Authority

New construction of 42 affordable homes

Healthcare and Clatsop Community Action to provide residents with supportive services.

Heritage provided a $11.6 million construction loan, $9.7 million Low-Income Housing Tax Credit equity investment and a $657,600 agricultural workers affordable housing tax credit investment.

Eastern Hotel, Seattle, WA – Interim CDA

Renovation of existing building, 47 affordable homes

NP Hotel, Seattle, WA – Interim CDA

Renovation of existing building, 63 affordable homes

The Southard, Tukwila, WA –

Homestead Community Land Trust

New construction of 18 affordable homes

On September 14, 2022, we hosted our first-ever Heritage Bank Volunteer Day. We closed branches and back offices across our footprint so employees could spend the afternoon volunteering at local organizations. In one day, nearly 500 employees volunteered over 2,000 hours picking up trash, restoring books, packing food/hygiene kits, cleaning up houses and more. Participating organizations included:

Anacortes Schools

Foundation

Auburn Food Bank

Birthday Dreams

Blanchet House

Boys & Girls Clubs of Emerald Valley

Camano Center

Catholic Community Services

Children of the Valley

Clark County Food Bank

Clothes For Kids

Cowlitz Economic Development Council