Tacoma will be the first city in the region to see new housing financed by the Regional Equitable Development Initiative Fund.

The Tacoma Housing Authority will develop 300 to 500 affordable and market rate homes in Tacoma’s West End, thanks to a $4 million loan from REDI and $2 million secured from the Washington State Housing Finance Commission.

At least 150 of the homes will be priced for low- and moderate-income households. The project also includes retail, commercial and community space.

The new development will be built across the street from Tacoma Community College and near an existing transit center. Eventually the area will be served by Link light rail.

The Tacoma Housing Authority expects the project will help provide housing for a growing number of homeless students who attend the community college and other nearby schools.

The REDI fund aims to speed housing and mixed-use development for a range of incomes near job centers, education and transit, and make the most of new regional transit investments approved by voters.

PSRC’s Growing Transit Communities partnership was the catalyst for getting the REDI Fund off the ground.

REDI funders include Enterprise Community Loan Fund, Low Income Investment Fund, Living Cities Blended Catalyst Fund, State of Washington, King County Housing Authority, City of Seattle, King County, and A Regional Coalition for Housing.

– Puget Sound Regional Council