Snohomish County will use more than $1.1 million to create more affordable housing options while reversing the effects of foreclosures in surrounding neighborhoods.
The Washington State Department of Commerce recently awarded Snohomish County $1,102,500 in Neighborhood Stabilization Program 3 funds through a competitive selection process. Snohomish County’s proposal to implement a new housing project in partnership with Housing Hope was the number one ranked project statewide.
“These funds come at a time when we are working hard to turn around the effects of foreclosure and bring affordable housing opportunities to our families in need,” Snohomish County Executive Aaron Reardon said. “Working together with Housing Hope allows us to leverage our dollars and resources for the greatest impact.”
Specifically, the new funding will allow Housing Hope, a local nonprofit affordable housing developer, to acquire 14 foreclosed, bank-owned townhomes in Marysville. The townhomes will be used to provide rental housing for low-income and homeless persons. Families will have access to services and education to help them increase income to a housing wage level.
The Park Place Townhomes will serve as an extension of Housing Hope’s Ten Degrees Program, which provides affordable housing and an educational support program for its low-income participants. The Ten Degrees Program is a special, on-site educational program that was created to assist participants in accomplishing their academic or vocational goals through higher education.
An education coordinator assists family members in establishing career and family goals, helping them with college enrollment and participation and coordinating skills training.
Snohomish County has been successful in receiving past Neighborhood Stabilization Program funding, and this new award allows the county to build on its prior successes by continuing to help hard hit neighborhoods.
“This is the result of strong public and private partnership that improves the lives of some of our most vulnerable families struggling to find affordable housing,” said Ken Stark, the county’s Human Services Director.
In total, the state awarded $5 million to four projects out of 12 applications for funding.