Image Credit: William Wright
The Pearl at Oyster Bay
HumanGood Affordable Housing
Address: 550 Russell Rd, Bremerton, WA
Completion Date: 2014
Program: 81 apartments
Funding Sources: WSHFC 9% LIHTC (US Bank), HUD 202 Financing
Population Served: Low-income up to 50% and 60% AMI
Total Budget: $20,500,000
Green Certification: Evergreen Sustainable Development Standard
Contractor: Walsh Construction Co.
Architect: Environmental Works
The Pearl at Oyster Bay is a complex mixed-finance project that combined HUD Section 202 Supportive Housing for the Elderly financing with 9% Low-Income Housing Tax Credit equity. It is part of the Bremerton Housing Authority’s (BHA) Bay Vista HOPE VI community and exemplifies Beacon’s flexibility in working within larger planned communities. In addition to developing the 81-unit affordable senior housing project, ABHOW/Beacon Communities completed infrastructure and roads around the project. When the community needed additional infrastructure work, our team had contingency plans in place that allowed us to collaborate with the housing authority to complete the necessary work. The resulting project will help the housing authority complete other critical infrastructure around the neighborhood, including roads, utilities, and a public park. The Pearl at Oyster Bay serves low- and extremely low-income seniors through a HUD Project Rental Assistance Contract (PRAC) and is designed in a manner to allow the elderly to "age in place" comfortably in their apartments.