New affordable housing development breaks ground in Snoqualmie: who qualifies and what is ‘affordable’ rent?

An affordable housing project that has been a topic of discussion around Snoqualmie for years officially began this week in the Eagle Pointe neighborhood of Snoqualmie Ridge. The City of Snoqualmie will hold a Construction Site Groundbreaking for the project on September 24th at 3PM, located at Frontier Ave SE and Jacobia Street.

The city recently issued a clearing and grading permit to Panorama Apartments, which will pave the way to a 191-unit affordable housing apartment complex consisting of ten two-to four-story ‘carriage houses.’

The buildings will be constructed on the sloping property with the tallest units located farther down the slope. Smaller unit will be adjacent to neighborhood to blend with single-family homes.  The complex will also include 316 parking spots (295 open and 21 garage); a leasing office; an indoor rec center; and outdoor recreation space.

In its initial project application, Panorama said apartments would vary in size and include one to five bedrooms floor plans. Panorama Apartments is a subsidiary of DevCo, Inc which built Discovery Heights in the Issaquah Highlands.

Access to the development is on Frontier Ave off of Jacobia Street, a main entrance road into the Eagle Pointe neighborhood. There’s also a secondary, emergency-access only road provided via the adjacent Snoqualmie Valley Hospital property, which city officials say contractors will attempt to use whenever possible during construction.

Snoqualmie Community Development Director Mark Hofman said he anticipates completion of the apartment complex in late summer 2019. When finished it will fulfill the affordable housing program requirements for the Snoqualmie Ridge II master-planned community.

Hofman said the Federal Tax Credit funding awarded to DevCo is based on 60% AMI, meaning the new apartments will be available to households whose income is below the 60% AMI (Area Median Income) level. In 2018 the King County AMI for a family of four is $103,400.  Rents will be below market rate, but are not subsidized. Renters will still go through a normal leasing application process.

Typically, each size apartment unit comes with a maximum income level and an established maximum rental rate depending on size. The below chart is a rough income level and rental cost guidenline from ARCH for privately managed, non HUD assisted affordable housing complexes in east King County, which includes DevCo’s Discovery Heights complex.

The chart is only a rough reference point for current affordable housing rates and income qualifications. Rental rates and qualifications can change annually as AMI levels reset and can vary from different management companies. Until the new complex begins the leasing process, exact rates and income qualifications will not be known.

The City of Snoqualmie says affordable housing is a top priority and hopes the new development  can fill a “gap in affordable housing available and what many current and potential Snoqualmie residents and employees can comfortably afford.”