RIVER FAMILY HAVEN

Spokane, WA

River Family Haven is the proposed new construction of an affordable rental community located in Spokane, Washington. The property will consist of 72 homes within three four-story, garden-style buildings, as well as one standalone clubhouse. The community will offer 21 one-bedroom, 36 two-bedroom, and 15 three-bedroom homes.

Of the 72 apartments, 70 homes will be restricted to households earning up to 30 percent, 40 percent, and 60 percent of the area median income. Seven of the homes will be covered under a 20-year Project Based Voucher Housing Assistance Payments Contract (“HAPC”) administered by the United States Department of Housing and Urban Development (“HUD”). The HAPC will subsidize the rents for two one-bedroom homes through the Foster Youth to Independence Program, targeted to young adults transitioning out of foster care who are at risk of homelessness. Five additional one-bedroom homes will be subsidized through the Veterans Affairs Supportive Housing (“VASH”) program for occupancy by veterans experiencing homelessness.

In-home amenities will include an oven/range, refrigerator, dishwasher, garbage disposal, microwave, washer and dryer, central air conditioning, window blinds, and a coat closet. Community amenities will include an on-site management office and a community room with a kitchen in the clubhouse, along with a playground, bike storage, and 79 on-site parking spaces, including seven with electric vehicle charging stations.

Financing includes $16.2 million in equity raised by R4 Capital from investors in the 9 percent Housing Credit, a $13.5 million construction loan from Banner Bank, a $5 million soft loan from the Washington State Housing Trust Fund program, a $3 million soft loan from Catholic Housing Services of Eastern Washington that is expected to be reimbursed through the HUD Community Project Funding program at completion, and a deferred developer fee of $2 million. Construction is projected to start in July 2026 and be completed within 14 months.

This property is being developed by Catholic Housing Services of Eastern Washington, utilizing the 9 percent Low-Income Housing Tax Credit (Housing Credit).