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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 matters: Hostmark is one of Poulsbo’s largest affordable-housing assets and houses seniors and residents with disabilities under project‑based vouchers. Council members sought details about resident displacement, renovation scope and funding, and said they want more homework before committing municipal support.
Related Affordable described a renovation plan that would address deferred maintenance (plumbing, roofing, exterior electrical fixtures and other systems they said had been missed by the current owner). Ian said the company would seek to extend the Section 8 contract and enter into a state regulatory agreement intended to keep the property affordable through at least 2056. He said Related would request Kitsap County CIH (county affordable-housing) funding and asked the council for a letter of support for a $3,000,000 CIH ask.
Council members pressed for details on several points: whether renovations would permanently reduce or add units (Ian said no new units would be added), whether residents would be temporarily relocated during work (Related said temporary hotel placements would be used if needed), and how long purchase rights would remain (Related said their purchase option runs up to three years while they pursue financing and regulatory approvals). Councilmembers also discussed the county CIH program’s size and competitiveness and the potential disadvantage for projects originating in Poulsbo because the city retains its own local affordable‑housing tax.
No formal vote or commitment was recorded. Mayor and staff said they would do further due diligence and return to council with recommendations, including whether to send a letter of support on the CIH application. Kim reiterated that, as of the meeting, there was no short‑term threat to residents’ affordability or occupancy.
The council asked staff to return with more detailed analysis, including financing mechanics and a recommendation about a possible letter of support to Kitsap County.
