Mayor Mike McGinn announced today the city’s investment in the INSCAPE project to revitalize the historic INS building at 815 Airport Way South. The building will be renovated to create affordable space for local artists.
The INSCAPE project will create or retain more than 100 permanent jobs, provide affordable artist space, and revitalize the Chinatown/International District and Pioneer Square neighborhoods. INSCAPE staff are also working closely with the Wing Luke Museum to design and install exhibits that will acknowledge the building’s historical importance.
The Office of Economic Development invested $10 million in New Markets Tax Credits through Seattle Investment Fund LLC, which helped leverage private financing, including $3 million in funds from the federal Department of Housing and Urban Development, and lessened the cost of borrowed funds. Along with these financial resources provided by the city and the federal government, the project is being financed with a loan and equity investment by JP Morgan Chase.
For more information about the city’s investment in INSCAPE, read this blog post and press release from the Office of the Mayor.
danny says
including $3 million in funds from the federal Department of Housing and Urban Development. isn’t this out of the ordinary??
Tamara Childress says
The city’s Office of Economic Development (OED) invested in the INSCAPE project using a federal HUD Section 108 loan. The HUD Section 108 loan program is designed to be used to support projects that create affordable housing and/or permanent jobs. OED has been an active user of the Section 108 loan program to support the creation of affordable housing and permanent jobs in Seattle’s low income communities. Pioneer Square and Chinatown/International District have both received prior Section 108 investments such as the Cadillac Hotel and the Bush Hotel.
A Yeong Baek says
great article learned a lots from reading