SRM Development launches affordable housing division
Company also intends to provide options for ‘missing middle’ marketJuly 1st, 2021
Spokane-based SRM Development LLC has added affordable housing to its roster of services, as the company plans to focus on developing new housing using low-income housing tax credits throughout the western states.
Conor Hansen, who has been an affordable housing developer since 2008, will lead the division as managing director of affordable housing.
“Cost control is one of the biggest issues when it comes to bringing these projects to fruition, and it’s exciting to think about the types of results we can produce,” he says in a press release provided by the company.
The company told the Puget Sound Business Journal that SRM will bring affordable housing to Seattle and the Greater Puget Sound region, along with other western states. SRM has had projects in Washington, Oregon, Nevada, and California.
Housing developed under the federal tax-credit program is available for those earning 50% to 60% of the area median income.
SRM also is looking to develop housing for what it refers to as the “missing middle,” which includes families earning between 60% to 120% area median income.
“Initially, we will be focused on transit-oriented development sites in markets that haven’t had as much new affordable housing created over the last decade,” Hansen says. “There is a lot of interest and capital out there that wants to help solve the problem, and it is our goal to connect all the dots.”
Hansen also was involved in the creation of the Urban Brownfields program with the Washington state Department of Ecology, which allows affordable housing developers access to funding and liability protection for projects that require cleanup of contaminated land.
While SRM is headquartered in Spokane, the majority of its work in recent years has been on the West Side and in California. In the Inland Northwest, the company developed the over 200,000-square-foot Village at Riverstone, in Coeur d’Alene, in the late 1990s.
SRM Development also builds offices, hotels, senior living, and retail buildings. The company was founded in 1999 and has since developed projects totaling around 8.5 million square feet, including over 7,700 residential units and 1.7 million square feet of commercial space. It also has an office in Kirkland.
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