Genesee Housing
4425 Martin Luther King Jr Way S
Seattle, King County, Washington 98108

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Funding Programs

Genesee Housing 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 Section 811.

Section 811

The property was developed using the HUD Section 811 program which provides housing opportunities for persons with disabilities who earn less than 50% of the area median income. Genesee Housing is among only 12 Washington projects and 2,648 projects across the country that receive assistance through the program.

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 2004 for $263,480 with a 10 year value of $2,634,800. The property was placed in service in 2006. 49 of 49 units at Genesee Housing are low income and subject to the tax credit program. The property, at the time of the tax credit allocation, was not located in a Qualified Census Tract or a Difficult Development Area and was not qualified for additional tax credit funding.

Overview

Genesee Housing 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).

Rent Subsidies

Genesee Housing provides rental subsidies to renters. The type of subsidy provided to apartment renters in Seattle, WA by this property is Section 811 Rental Assistance.

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 no minimum rent at this property for residents receiving a rent subsidy.

Washington's 7th

Congressional District

49

Tax Credit Units

22

Section 811 Units

46.9

% of Fair Market Rent

22-Feb-17

Project Based Sec. 8 Contract Expiration

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