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Article: Vaughn Bay strikes again: developer of tax credit housing underway with second Valley property.
- Article from:
- Wenatchee Business Journal
- Article date:
- October 1, 2002
- Author:
CopyrightCOPYRIGHT 2002 Wenatchee Business Journal, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Vaughn Bay Construction Inc., Tacoma-based developer of tax credit housing, is currently three month into building a 52-unit apartment complex at 1325 Maple St., Wenatchee.
Also known as Section 42 housing, the $3.1 million project is expected to be completed in time to accept tenants around the first of the year.
Whereas Section 8 housing is funded by and receives rent subsidies from public money, Section 42 housing sells tax credits to investors in order to pay for construction costs and provide housing for what Beth Wilson calls, "the working poor."
"We have to rent to people who make anywhere between 60 percent and 30 percent of the median ...