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Ellensburg approves $1.2M forgivable loan to HopeSource for Addison Place acquisition
Summary
The council authorized the city manager to sign a forgivable-loan agreement with HopeSource to support acquisition of four duplexes (eight units) to be managed as long-term affordable housing for households at or below 60% AMI.
The Ellensburg City Council on Sept. 2 authorized the city manager to sign an affordable-housing agreement and attachments with HopeSource to support acquisition of four duplexes (eight units) known as Addison Place. The city will contribute $1,200,000 and Kittitas County will contribute $250,000 toward the purchase; HopeSource will manage the property under a 25-year affordability covenant.
Lee Frye, the city’s housing program manager, told council the acquisition would add six studio/efficiency units of about 412 square feet and two one‑bedroom…
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