Seattle’s First Social Housing Building, Elara at the Market, Moves Forward
The Seattle Social Housing Developer (SSHD) is actively turning the promise of social housing into a reality in the city, following the SSHD Board's unanimous approval to purchase the Elara at the Market apartment complex. The 150-unit building is situated in a prime location across the street from Pike Place Market and the new Waterfront Park.
According to a recent blog post from SSHD, the organization secured the complex for about $60 million, a figure well below the recent sales price of comparable quality apartment units in downtown Seattle. The purchase is expected to be completed by mid-June, at which point SSHD will contract with a property management company to manage the building and its residents.
The acquisition of Elara at the Market is projected to create 60 units of deeply affordable housing in Belltown this year that would not have existed otherwise. The first 15 vacancies will be designated for households at or below 30% of the median income, and the subsequent 45 units will be filled by households with incomes between 30% and 50% of the median income.
To further benefit residents, SSHD has committed to several key initiatives: all residents at Elara will be offered free one-year ORCA passes, partially subsidized by King County Metro. Furthermore, rents for existing leases will be frozen for two years, through June 2028. The developer is also eliminating hidden fees by discontinuing the use of the Ratio Utility Billing System (RUBS) and removing fees for both pest control and bike storage.
This milestone represents a significant victory for the people of Seattle, who voted for social housing and supported the city’s social housing tax, which is paid by some of the city's wealthiest companies.
The lottery to apply for this housing is live on SSHD’s website, and staff plan to host pop-up events throughout Seattle to connect with the community.
