First REDI-funded affordable housing project planned for Tacoma James Center North will bring 150 affordable homes to Tacoma’s West End
Sound Transit 3, approved by voters in November, authorized expanding Link light rail to 116 miles and additional bus rapid transit. But because it can get expensive to live near transit, right as the measure was approved, nonprofit Enterprise Community Loan Fund created the Regional Equitable Development Initiative (REDI), which commits $21 million to low-interest loans for affordable developments located near transit.
Today, the fund announced the first of those projects: a $4 million loan to Tacoma Housing Authority (THA) to build a mixed-income development in Tacoma’s West End. THA also secured a $2 million loan from the state to acquire the seven-acre site, which they’re calling James Center North.