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Related Affordable seeks to preserve Hostmark Village; requests county funding support
Summary
Related Affordable has a purchase option for Hostmark Village Cove Apartments and told the Poulsbo City Council it plans renovations and extended affordability; the company asked the council to support a Kitsap County CIH funding request but no formal council action was taken.
Related Affordable, a national affordable-housing owner, told the Poulsbo City Council on May 21 that it has a multi-year purchase option on Hostmark Village Cove Apartments and plans to renovate the 120-unit property while extending affordability commitments.
Kim (City staff) introduced the topic, saying there would be no immediate changes for residents because the property’s project‑based vouchers remain in place through 2039. Ian, a representative of Related Affordable, told council the firm would pursue county and state funding to buy and renovate the complex and would seek a regulatory agreement that extends affordability into the 2050s.
Why it mat…
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