March 11, 2013
Capitol Hill Housing held a ground breaking on February 21 for the 12th Avenue Arts building that will be located 12th and Pine in Seattle,Washington. The building will provide theater space for neighborhood arts programs , 88 low-income apartments, community office and retail space as well as 111 underground parking stalls for the Seattle police department.
The bulk of the funding for this project was from public and private sources, including the City of Seattle, State of Washington, National Development Council Corporate Equity Fund (CEF), National Development Council HEDC New Markets (NMTC) and KeyBank. The affordable housing component was financed with a combination of tax exempt bonds and differed loans from the City of Seattle and the State of Washington. Capitol Hill Housing raised $4.1 million in donations for 12th Avenue Arts, and expects to bring in another $500,000, the capital campaign combined with New Markets Tax Credit Equity, a 108 Loan from the City of Seattle and a conventional bank loan were used to finance the art space as well as the office and retail portion. 12th Avenue Arts marks the first project in the NDC portfolio to combine CEF and NMTC equity.
Check out Photos from the event on the NDC Facebook Page.