Nick Goede outlines Freedom Village workforce housing project with LIHTC funding details

The Bellevue Planning Commission meeting on June 26, 2025, highlighted significant developments in affordable housing initiatives, particularly focusing on the Low-Income Housing Tax Credit (LIHTC) program. The discussions centered around a new housing project that aims to provide workforce housing, which is crucial for residents in the area.

A key point raised during the meeting was the project's reliance on LIHTC funding, which is designed to support affordable housing developments. The project will consist of 96 units, a reduction from the initial plan of 125 units, to ensure financial viability through the issuance of bonds. This adjustment is essential for meeting the requirements of the 4% LIHTC deal, which necessitates a sufficient number of units to support the debt incurred.

The project aims to serve a range of income levels, with the majority of units designated for individuals earning up to 60% of the area median income (AMI), which translates to approximately $50,000 annually. Additionally, about 15% of the units will cater to those earning up to 80% of AMI, while a smaller percentage will be available for lower income brackets, including 10% for those at 30% AMI.

Commission members also discussed site planning concerns, particularly regarding the building's orientation and its proximity to neighboring developments. Suggestions were made to adjust the building's layout to enhance parking and accessibility, although some proposals were deemed unfeasible due to fire safety regulations.

This project represents a significant step towards addressing the housing needs of Bellevue residents, particularly for those in the workforce who struggle to find affordable living options. The commission's focus on creating rent-restricted units underscores a commitment to ensuring that housing remains accessible and affordable for the community. As the project progresses, it will be essential for the commission to continue engaging with residents and stakeholders to address any concerns and ensure the development aligns with community needs.