Is King County ‘Overpaying’ for Homeless Apartment Purchases?
According to real estate reports, King County's recent purchase of 36 apartment units to be used to house homeless people came in above the assessed value.
King County drops over $11 million on project
According to county and real estate assessment reports and The Center Square, King County acquired the properties, which are located in the Capitol Hill area, two structures on just under one acre.
The 36 units are part of the county's Health Through Housing Measure which is allocating well over $700 million towards a variety of programs to acquire, upgrade and turn facilities into housing for up to 1,600 people.
However, did the county pay too much? According to King County property records, by way of The Center Square, the price-per-unit is over $322,222, which adds up to $11.6 million. County records show the previous assessment for that property was $8.9 million.
According to The Center Square, King County officials have not set a timeline for when the upgrades will take place, or when people will start occupying the apartments.
The move mirrors more legislative-state efforts to provide homeless housing.
Last week, we reported the Department of Commerce has laid out $24 million in grants for multiple projects, including two in the Tri-Cities, several in Yakima, Spokane, and other east-side areas, that will provide a total of 242 housing units (homes, townhouses) statewide. Some of the DOC project money will be spent on downpayment assistance programs.
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