Compass Housing Alliance Set to Hold Opening of Compass on Dexter Affordable Housing Development
- Oct 06, 2014
The latest affordable housing project by Compass Housing Alliance is ready for its official opening. The developer’s new Compass on Dexter affordable community is targeting formerly homeless and low-income households to provide permanent living arrangements. The Compass on Dexter development project is located in the bustling Seattle neighborhood of South Lake Union, one of the primary areas that have created growth for the local multifamily market in recent years.
Built at 756 John St. in SLU, the community will feature a total of 72 units that will be distributed to families making various levels of income. Of the units, 41 will be subsidized by the Seattle Housing Authority, with residents paying a rent equal to 30 percent of their actual income for rent and utilities. In order to be eligible for one of these units, applicants must provide documentation proving that they make below 30 percent of the King County area median income and qualify as homeless or at-risk of homelessness.
The remaining units will include 13 rental apartments directed toward families that are currently homeless or at risk of homelessness. Rent rates for those will be $545 for a one bedroom and $635 for a two bedroom. The other 18 units will be available for households that earn at or below 50 percent of the King County area median income. Rent rates for the one-bedroom units will stand at $792.
Compass on Dexter will also include a resident amenity package that features a common laundry room on each residential floor, common areas, a children’s play room, an internal courtyard, a children’s play structure and on-site management in a restricted-access building. Rents include water, sewer, garbage and Internet access, with residents responsible for all electrical fees, including heat. No on-site parking is available to residents at the property, and smoking is prohibited with the exception of an outdoor smoking area.
Image courtesy of compasshousingalliance.org