Bridge Housing to buy View Kirkland; city offers $10,000 to secure long‑term affordability commitments

The City Council approved a $10,000 contribution to help Bridge Housing secure a property‑tax exemption and to convert the View Kirkland apartment complex to long‑term affordable housing, subject to an amendment that the city manager negotiate protections for current residents.

Lede: The council voted unanimously to support Bridge Housing’s planned purchase of the approximately 200‑unit View Kirkland apartments (purchase price just over $55 million), providing a $10,000 city contribution that makes the nonprofit eligible for a statutory property‑tax exemption and, in exchange, will trigger a city affordability covenant and a separate, long‑term affordability covenant with the Amazon Housing Equity Fund.

Why it matters: The buyer, Bridge Housing, announced it has secured a $222 million award from the Amazon Housing Equity Fund to finance the purchase and preservation of deeply affordable rents at the site. The deal would immediately preserve a large block of rental housing in Totem Lake under long‑term affordability controls, with a relatively small one‑time city investment.

What council approved Denise Russell, planning supervisor, told the council Bridge Housing was selected as buyer in March 2025 and asked the city for a $10,000 contribution that would let Bridge qualify for the nonprofit property‑tax exemption referenced in the presentation (transcript citation of RCW). In return the city will sign a funding and regulatory agreement requiring the owner to set aside five units at 50% AMI for 20 years (evenly distributed by unit type) and to cooperate with broader affordability protections provided by the Amazon covenant.

Under the Amazon financing described in the council packet, Bridge would record a 99‑year affordability covenant on the property: staff said 156 units would be restricted at 60% AMI and 37 at 80% AMI; the covenant limits annual rent increases to 4.5%. Staff also said Bridge intends to honor existing leases; as units naturally vacate, income‑qualified households would fill the restricted units. Two units will be reserved for property managers and are not counted in the affordability totals noted in the packet.

Council amendment and manager authority Multiple council members asked whether current residents would be protected if their incomes do not meet the new limits when the sale closes. The council added an amendment giving the city manager authority to negotiate, before finalizing the city contribution, a written commitment from Bridge that current households will not be required to vacate a unit because of income eligibility rules; if staff could not secure that commitment in time for the buyer’s closing, the council agreed to revisit the matter at the May 20 meeting.

Next steps Bridge’s purchase was scheduled to close May 22, 2025; staff said the $10,000 contribution will be drawn from the city’s existing housing funds. After closing, Bridge will verify resident incomes and work with residents to honor leases and, where eligible, transition residents to the lower restricted rents. The city will sign the funding and regulatory agreement that memorializes the five units at 50% AMI for 20 years and will coordinate with Amazon’s regulatory covenant covering the rest of the property.