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Affordable Housing Project Backed by Amazon Opens in Kirkland
Grata at Totem Lake, a 125-unit affordable housing development located on Totem Lake Way, has opened in Kirkland, Washington.
The final stages are complete on the Amazon-backed project, which was supported by funds from the Amazon Housing Equity Fund. The development was built in partnership with Indianapolis-based Together We Grow (TWG), a real estate company firm focused on affordable housing.
The $64 million project, which broke ground in 2022, was constructed using a $12.5 million low-interest loan through Amazon’s Housing Equity Fund. The project was also funded by a $20 million loan from Key Bank and a 4% tax credit on $31.8 million through the Low Income Housing Tax Credit program.
About two-thirds of the units are set aside for residents earning up to 50% and 60% of the area median income. TWG paid $2.9 million for the 1.1-acre property in 2020, reported the Puget Sound Business Journal. Venture is the general contractor on the project, with Third Place Design Co-operative as the architect.
