Housing Kitsap accepts offer to purchase 550 Madison Avenue from Housing Resources Bainbridge and Madison Avenue Development
Bainbridge Island, WA – Monday, July 23, 2019: For immediate release
Housing Resources Bainbridge (HRB) is pleased to share that the Housing Kitsap Board of Commissioners voted to accept the offer from Madison Avenue Development to purchase the property at 550 Madison Avenue in partnership with our organization. The purchase price of $1.75M was accepted by a 6-1 vote of the Housing Kitsap Board of Commissioners during their regular July meeting.
HRB Executive Director, Phedra Elliott, spoke to the Commissioners and noted that HRB manage the property at 550 Madison Avenue following closing and during the redevelopment phase.
HRB looks forward to partnering with Madison Avenue Development to build a vibrant, mixed-income community in the heart of Winslow over the coming years.
In an effort to finance the HRB share of the purchase price they have also partnered with the Bainbridge Community Foundation. Dollars from the fund will support immediate costs in purchasing the property to ensure that the 13 affordable units are preserved in perpetuity and families can remain stably housed in the short-term. Funds raised will be combined with $100,000 from HRB's reserves to support the overall goal of acquisition by August 31, 2019.
All additional inquiries, please contact Penny Lamping, Fundraising and Communications Manager (email@example.com) or (206) 842-1909 x12.
About Housing Resources Bainbridge: HRB is the only non-profit affordable housing provider on Bainbridge Island. Since 1989, HRB has played an integral role in preserving the character and diversity of Bainbridge Island by providing affordable housing opportunities in the community through its rental and homeownership programs. As a Community Land Trust, all HRB properties are maintained as affordable in perpetuity for the community of Bainbridge Island and our current portfolio includes over 90 rental apartments and 45 homes.