New Evergreen Impact Housing Fund, GMD Development project brings 145 affordable units to Renton

The Evergreen Impact Housing Fund (EIHF) and GMD Development announced the grand opening of the Watershed apartment community. Located in Renton, Wash., Watershed brings 145 affordable apartments capable of housing over 350 individuals.

The units are designed to be affordable to families earning 50 to 60 percent of King County's annual median income, approximately $71,170 for a household of four. Watershed offers a mix of units, including spacious two- and three-bedroom units, addressing the common challenge of inadequate space in metropolitan affordable housing. Twenty percent of the units are three-bedrooms for larger families.

WSHFC's Expanded Land Acquisition Program, supported by Microsoft Corporation, facilitated the land purchase. The nonprofit AOF/Pacific Affordable Housing Corp provided the predevelopment financing. The permanent financing for Watershed included Low-Income Housing Tax Credits allocated by the WSHFC, tax credit equity investment from Boston Fin