city_of_renton_city_council_regular_meeting_agenda.pdf
Mercy Housing Awarded $2M for Burien Affordable Housing
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Description
SKHHP recommends a $2 million forgivable loan for Mercy Housing Northwest's Burien Family Housing, supporting 91 affordable units near transit and services, with a minimum 50-year affordability covenant.
Contract Details
Contract Amount
$2,000,000 (SKHHP 2024 recommended); $1,093,308 (SKHHP 2022 committed)
Vendor
MERCY HOUSING NORTHWEST
Agency
City of Renton, WA
Contract Type
OTHER
Document Date
July 28, 2025
Contract Term
Covenant minimum 50 years affordability; funding commitment 36 months from Council approval
Renewal Date
2076-04-30
Renewal Info
Loan funds must be committed within 36 months, with possible one-year extension for progress; affordability covenant of 50 years recorded.
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