The Aries at Bitter Lake is a 200-unit affordable housing project owned and developed by Bellwether Housing, designed by SMR Architects, built by Walsh Construction, and funded by the Evergreen Impact Housing Fund (EIHF).
The apartment complex features large-sized two and three-bedroom apartments, studios, and one-bedroom apartments for low-income households. Other features include:
Check out the qualification criteria to see if you can apply for an apartment in the Aries at Bitter Lake.
This residential project is the first-ever initiative to be funded by the EIHF (European Impact Housing Fund), proving that innovative financing can significantly improve the supply of much-needed affordable housing. The EIHF provided low-cost and patient catalytic capital to the Aries at Bitter Lake, which enabled the project to move forward seamlessly and promptly when combined with more traditional financing sources.
This project is a testament to the power of collaboration in addressing our state's affordable housing crisis. When public and private sectors work together, we can create positive, sustainable change in Washington State. It is an honor to celebrate this impactful addition to the community.Kris Hermanns, Fund Manager of EIHF for the Seattle Foundation
The Aries will be home to 200 families who previously had a tough time finding stable housing. They can now afford to live near transit, great schools and close to job centers. These homes and the stability they represent simply would not exist without the investments made by the EIHF.Susan Boyd, CEO of Bellwether Housing
The financing of large-scale affordable housing projects with family-size units in urban centers often poses a challenge. The Washington State Housing Finance Commission (WSHFC) has allocated bond cap and low-income housing tax credits (LIHTC) to overcome this issue for The Aries project.
Recently, representatives from Bellwether, EIHF, and project supporters gathered for the grand opening of The Aries. The event included remarks from Boyd, Hermanns, Paul Buckland (Senior Vice President at Wells Fargo), and Selina Mendoza (Vice President at CitiBank). The event concluded with a ribbon-cutting ceremony and guided tours of the building.
The Aries is located at 916 N 143rd St, near a community center, bike trails, the Bitter Lake Reservoir, and public transportation on Aurora Avenue. The Aries units cater to families of four earning up to $66,420 and individuals with an annual income of $46,500. Many apartment homes are two- and three-bedroom units well-suited for families.