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WASHINGTON STATE HOUSING FINANCE: BELLEVUE MAYOR, CITY MANAGER TO SPEAK AT GRAND OPENING OF BRANDENWOOD SENIOR RESIDENCE

 SEATTLE, March 24 /PRNewswire/ -- Bellevue Mayor Cary Bozeman and City Manager Phil Kushlan will speak at 12:30 p.m. on Friday, March 26, at the opening of the Brandenwood Senior Residence, a 60-unit, low- income active senior housing complex located on N.E. 40th St. in Bellevue, the Washington State Housing Finance Commission said today. Bozeman and Kushlan are expected to talk about the improtance of public/private partnerships and extending the federal low-income housing tax credit program. The program, which made the Brandenwood project possible, expired on June 30, 1992.
 "The low-income housing tax credit program helped Bellevue develop this affordable housing for our senior citizens, in a timely and cost- effective way," Kushlan said.
 The Brandenwood Senior Residence project is located in Bellevue at 14520 N.E. 40th St., just behind the North Bellevue Senior Center and next to a city park area.
 It was developed by Len Brannen, president of Shelter Resources Inc. and funded through a creative public and private sector financing partnership.
 "The Brandenwood Senior Residence project is a good example of the public and private sector working hand in hand to make an otherwise unfeasible project come together," said Brannen. "The City of Bellevue, in partnership with U.S. Bancorp, Shelter Resources Inc., the Washington State Housing Finance Commission (allocator of the federal Low-Income Housing Tax Credit program) and Key Bank of Washington, all worked together to reach a targeted goal. The result is affordable, quality rental units for low- to moderate-income seniors."
 The comfortable, attractive one- and two-bedroom units will rent to low- and moderate-income seniors from $335 to $551 monthly, depending on apartment size and income level of qualified seniors, he said. Project financing included an allocation of more than $278,000 of annual tax credits by the Washington State Housing Finance Commission, which will accrue to investors' benefit over a 10-year period. These low-income housing units must be set aside for at least 30 years, according to commission guidelines.
 Since 1987, the commission has allocated more than $29 million in tax credits for more than 200 projects, producing more than 8,000 low- income housing units.
 The Brandenwood Senior Residence will hold an open house from noon to 2 p.m. on Friday, March 26. Units will be open for viewing. Light refreshments will be served.
 The Washington State Housing Finance Commission provides below- market financing to buy, build or preserve affordable housing and nonprofit cultural and social service facilities. The commission builds partnerships with the private sector to raise capital needed to further these social and economic objectives at no cost to the taxpayers of Washington state.
 -0- 3/24/93
 /CONTACT: Rhonda R. Rosenberg, public information officer, of Washington State Housing Finance Commission, 206-464-7139; Leslie Hales, Campbell-Hogue & Associates Property Management, 206-454-8960/


CO: Washington State Housing Finance Commission ST: Washington IN: SU:

JK-LM -- SE007 -- 9118 03/24/93 12:49 EST
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Date:Mar 24, 1993
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