Frye Apartments
223 Yesler Way
Seattle, King County, Washington 98104

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Funding Programs

Frye Apartments was developed and operates with Federal housing financing. The property utilizes 2 Federal housing programs to make rent affordable to lower income tenants. These programs are Low Income Housing Tax Credit and Project Based Sec. 8.

Section 8

Frye Apartments has a project-based Section 8 contract. 186 of the 233 total units at the property receive Section 8 assistance. This means that 80% of the renter households in the property pay no more than 30% of their adjusted income for rent.

The current Section 8 contract was effective on November 01, 2015 and the contract expires on October 31, 2016. The Section 8 contract rent is 83.7% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $1,049.00 for Zero Bedroom and $1,225.00 for One Bedroom.

9% of Washington properties and 26% of all properties across the country have Section 8 rental subsidies. See the Rent Subsidies section for more.

Low Income Housing Tax Credit

The property was developed using the Low Income Housing Tax Credit Program. This program incentivizes investors to inject capital into rental apartments for lower income Americans. The property received a tax credit allocation in 1998 for $256,845 with a 10 year value of $2,568,450. The property was placed in service in 1999. 233 of 233 units at Frye Apartments are low income and subject to the tax credit program. The property, at the time of the tax credit allocation, was located in a Qualified Census Tract qualifying it for additional tax credit financing.

Overview

Frye Apartments is an affordable apartment community located in Seattle, Washington which is located in King County. The property is located in Washington's 7th Congressional District served by Representative Pramila Jayapal (D), Senator Patty Murray (D) and Senator Maria Cantwell (D).

Frye Apartments is an apartment community containing 186 rental units. The property contains 111 bedrooms and based on typical apartment occupancy limits, Frye Apartments is home to not more than 241 persons when fully occupied.

Rent Subsidies

Frye Apartments provides rental subsidies to renters. The type of subsidy provided to apartment renters in Seattle, WA by this property is Project Based Sec. 8.

This subsidy allows the renter to pay 30% of his or her income for rent while the subsidy pays the difference. To qualify, a renter must earn 50% or less of the Area Median Income.

There is a minimum rent payment of not less than $25 and as much as $50 for all subsidy recipients at this property. That means that even if a renter has zero income, they will still be required to pay rent. In recent years, there have been various legislative proposals to increase the Section 8 minimum rent but advocates make the valid point that minimum rents affect the poorest of the poor.

Unit Mix

Frye Apartments contains a mix of 186 assisted studio and one bedroom apartments for rent. There are 75 Studio and 111 One Bedroom apartments in this property. The unit mix is 40% Studio and 60% One Bedroom apartment rentals. The average bedroom size for Frye Apartments is 0.48.

Washington's 7th

Congressional District

186

Total Units

233

Tax Credit Units

186

Project Based Sec. 8 Units

83.7

% of Fair Market Rent

31-Oct-16

Project Based Sec. 8 Contract Expiration

Studio and One

Unit Mix

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† These counts are estimates based on the data available from HUD. Learn More About Our Data