Housing nonprofit REACH CDC, through its subsidiary Affordable Community Environments, has acquired the Towne Square apartments in Washougal as affordable housing for low-income families. The apartment complex currently is home to 71 people living on very low incomes.
REACH said Monday that it is spending $7 million to acquire the housing units, which were built in 1977 using USDA Rural Development funding. A rent-subsidy program for the complex was set to expire, which would have resulted in the loss of 40 low-income housing units, according to REACH.
Renovations will include ADA accessibility upgrades, energy system improvements, addition of community spaces and apartment upgrades. The work will be financed by Raymond James Tax Credit Funds, Inc., State of Washington Housing Trust Fund, Clark County HOME Investment Partnership, Wells Fargo and NeighborWorks America. Permanent financing is being provided by the Washington State Housing Finance Commission.
