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Consultants pitch Mount Angeles View redevelopment as fastest path to 60 new senior units
Summary
Broadacre Company presented redevelopment options for the Mount Angeles View site in Port Angeles, recommending a near-term 9% LIHTC application to build roughly 60 senior units using project-based vouchers and tax credit equity; consultants urged board authorization for predevelopment work and outlined funding timelines through 2027–2028.
Josh Craig of Broadacre Company urged the Peninsula Housing Authority board to pursue redevelopment of Mount Angeles View, the authority-owned former public-housing site in Port Angeles, arguing the fastest route to new housing is a 9% Low-Income Housing Tax Credit (LIHTC) new-construction deal that could deliver roughly 60 units targeted to seniors and other special populations.
"We thought it made sense to focus on Mount Angeles View now," Craig said, citing that the site is platted, has some existing infrastructure and project-based vouchers already tied to it. He estimated tax credit equity at about $15,000,000 and said state Commerce awards and local funding would be needed to fill remaining per-unit financing gaps, which he put in the range of roughly $150,000–$300,000 per unit.
The consultants laid out alternatives: a near-term 9% transaction (approximately 60 units) that can generate more equity, and a later 4% preservation/rehab or larger-phase approach (up to about 81 multifamily units) that might include market-rate or middle-income units and a 28-lot homeownership component. Craig said the 9% path typically requires targeting particular populations and that a senior set-aside could be competitive in a coastal/rural setting.
Board members asked for details on occupancy during redevelopment and site logistics; staff confirmed parts of the 18-acre site remain occupied and that a relocation plan and project-based voucher protections would be used as during earlier phases. Craig pointed to already-platted homeownership lots and existing stormwater, underground power and partial infrastructure on portions of the site as cost-saving features.
The presentation identified next steps for the authority: confirm a development strategy with the board, authorize formation of a LIHTC partnership and predevelopment activities (environmental review, surveys, limited procurement and design), and pursue funding rounds due in late summer to early fall. Craig said the first 9% awards would be announced in January 2027 with a possible second cycle in January 2028 and a target closing in summer 2028 if funding aligns.
Annie O'Rourke and staff emphasized the potential to use project-based vouchers tied to the site to secure long-term operating subsidy, and to limit the authority's upfront exposure by pursuing soft funds and external equity. Board members and consultants discussed complementary tools including program-related investments and Opportunity Zone developments for future phases.
The board did not take a final vote on authorization during the meeting but agreed to place a strategy discussion on the April 14 special work session agenda to consider authorizing predevelopment and partnership formation.
The next procedural step described by staff was a special work session on April 14 to refine questions and direct staff on the board's preferred funding and development approach.
