The residents of the Finch Place, a low-income senior apartment complex in Winslow, WA, celebrate life together and share a common stake in their home. As senior citizens living on fixed incomes, they have been priced out of the soaring real estate market on Bainbridge Island. When the owners of Finch Place decided to prepay their USDA Section 515 loan, there was a good chance many of these seniors would not be able to afford to continue living in this community. With funding from the Housing Assistance Council's Preservation Loan Fund, Kitsap County Consolidated Housing Authority (KCCHA) was able to purchase and preserve Finch Place and help these seniors stay in the community.
Without intervention by KCCHA, the apartments would likely have become market rate units, which would almost certainly have displaced the residents. The project also created a rare opportunity in Bainbridge to maintain and preserve affordable housing, which is much less expensive than building new units. For example, it cost $61,537 to preserve a one bedroom unit in this housing complex, a fraction of the cost of a comparable one bedroom condominium in Winslow.
Kitsap County Consolidated Housing Authority, a long-time HAC affordable housing partner, is an organization dedicated to the creation of affordable housing opportunities. KCCHA is a public body, organized in 1982 under the Housing Authorities Law of the State of Washington, to administer various federal housing programs, including Public Housing and the Section 8 Housing Assistance Payments Program. KCHHA also administers a federally funded Self-Help Housing Program of the Rural Housing and Community Development Services (RHCDS), and operates several programs designed to expand affordable housing opportunities.