Tacoma Housing Authority (THA), Pioneer Human Services (PHS) and Korean Women’s Association (KWA) have announced the funding of 61 affordable housing units in downtown Tacoma. Thirteen of these apartments will be in PHS’s property, Rialto Apartments on 311 South 9th St., and 48 of these apartments will be in KWA’s Olympus Hotel on 815 S. Pacific Ave. This partnership will preserve these affordable units amid the shrinking downtown options for low-income households. This effort not only preserves affordable housing but also protects the Olympus Hotel as a historic building.
THA issued a Request For Proposal on Aug. 6 on rental subsidies to market rate and nonprofit owners of housing who would agree to then rent some of their apartments to households with low-incomes. Under this program, THA and a property owner negotiate a long-term contract, where THA would pay housing subsidies for units occupied by qualified tenants. Tenant rents are based on tenant incomes. The subsidy gives the property a fair market income stream.