Funds Secured To Renovate Apartments

A Spokane non-profit corporation announced Wednesday it now has the money to turn the abandoned Wilton Apartments into low-income housing.

Spokane Housing Ventures, with proceeds from bond sales by the Washington State Housing Finance Commission, plans to renovate the 55 apartments at 156 S. Browne.

The $620,000 in bonds were sold to Sterling Savings Association through the Housing Finance Commission’s Streamlined TaxExempt Placement (STEP) program.

The project cost is estimated at $1.3 million.

Housing Ventures has also obtained money from other sources, including $90,000 from the Spokane Neighborhood Action Program.

The U.S. Department of Housing and Urban Development is providing a subsidy of more than $2 million by guaranteeing tenants that their rent costs don’t exceed 30 percent of their gross incomes. , DataTimes