Isabella Court, Phase I
Development Scope
New construction of 49 affordable apartment units serving low-income seniors.
PROJECT OVERVIEW
Isabella Court, Phase I provides affordable rental homes to low-income and very-low-income senior households in the Bagley-Downs neighborhood of Vancouver, Washington. Located near transit and urban amenities, the project is designed to meet the needs of senior residents. It contains a large community room, with a kitchen and fireplace, and a community garden where residents can get outside, socialize, and grow their own flowers and vegetables. Residents enjoy access to a range of supportive services provided by owner REACH Community Development.
HDC first became involved with Isabella Court as a lender. HDC Community Fund, HDC’s associated lending entity, provided a low-interest property acquisition loan to Affordable Community Environments (ACE), the project’s original sponsor. When ACE later merged with REACH, HDC continued to work on the project as REACH’s development consultant. After financing setbacks pushed construction to a late start in winter 2015, HDC worked with REACH, MWA Architects, and TEAM Construction to successfully complete the project in just over 12 months.
Creative Solutions
HDC worked with Isabella Court’s owner, general contractor, and architect to create a living environment suited to the needs of seniors. All common areas incorporate universal design features to ensure safety and convenience for an aging resident population. Informal seating and resting areas with outdoor views, handrails in hallways and other common areas, and accessible walkways enable residents with mobility limitations to maintain their independence.
Because building security is critical to a sense of comfort and wellbeing for seniors, Isabella Court has a secure entry. Large interior windows connect the building’s main corridor to its community room and management offices, adding visibility and encouraging social engagement.
SPONSOR
REACH Community Development
LOCATION
Vancouver, Washington
HDC ROLE
Financial structuring, predevelopment loan, and construction management
DEVELOPMENT PARTNERS
→ MWA Architects
→ TEAM Construction
→ Washington State Housing Finance Commission
→ Washington State Department of Commerce
→ Clark County
→ City of Vancouver
→ HDC Community Fund
FUNDING SOURCES
Low-income-housing tax credit equity (4%)
HOME funds
Washington Housing Trust Fund grant
Construction and permanent loans
SQUARE FEET
Residential: 35,568
Common: 11,838
COST
Total Development: $21.6 million
TIMELINE
Fall 2012 to Winter 2016