SPANAWAY, Wash.–A consortium of credit unions in Washington has partnered with the Evergreen Impact Housing Fund to break ground on Copper Way, an affordable housing development here.
The project will provide 256 affordable apartments to Pierce County, most which can house families with modest incomes, according to the organizations.
Participating in the financing are BECU, Sound Credit Union, Verity Credit Union and WSECU, which are contributing a combined $9 million to the fund; the second such project they have funded together through EIHF.
According to the Evergreen Impact Housing Fund, it uses low-interest, long-term loans to fill financing gaps and make affordable housing projects possible. The first credit union backed EIHF project, Solera, is expected to open in Renton, Wash. in 2025.
The new project is also expected to open in late 2024 or early 2025.
"We are thrilled that Copper Way has broken ground," said Kris Hermanns, fund manager of EIHF at Seattle Foundation. "It's crucial that we take action to bring affordable housing to Pierce County and beyond. Families with modest incomes are too often priced out of the Puget Sound. These folks work hard in our communities—as teachers, health workers, store clerks and more—and EIHF's financing helps ensure they can live here."
‘Taking Care of Communities’
In a joint statement, the credit unions said, "We are pleased to expand our partnership with Seattle Foundation through the Evergreen Impact Housing Fund. Joining together to support affordable housing projects like Copper Way embodies the people-helping-people spirit of credit unions. Our work is not just about taking care of our members; it's also about taking care of our communities. The best way to make progress on addressing Pierce County’s housing challenges is through innovative partnerships like this one. As credit unions, we're proud to be a part of it."
Groundbreaking Held
Representatives from EIHF, the credit unions, and Inland joined local leaders for the groundbreaking of Copper Way, which is located at the intersection of Mountain Highway East and Pirnie Street close to stores and a bus rapid transit line.
According to EIHF, once complete, Copper Way will comprise 256 garden-style apartments. While many urban apartment complexes are too small to accommodate families, 81% of Copper Way's units will have two or more bedrooms. All units will target people earning 60% of the area median income or less, approximately $64,500 for a family of four.
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