$42 million project promising nearly 100 units of affordable housing breaks ground
On March 25, development investors and public officials gathered to celebrate the beginning of construction on Viridian Grove. The project at 5228 S. Mason Ave. in Tacoma will provide 98 affordable homes for individuals and families earning 60% or less of the Area Median Income.
Tacoma's AMI is $83,857 per household, according to the most recent U.S. Census data from 2023.
According to Southport Financial Services, Viridian Grove will offer units with two, three and four bedrooms, intended to serve large and multi-generational families.
Austin Hicks, a spokesperson for Southport Financial Services, told The News Tribune monthly rents at the development will be around $1,541 for a two-bedroom, $1,767 for a three-bedroom, and $1,960 for a four-bedroom.
'These are based on the 60% AMI for 2025, so they are subject to change over the next 12 months between now and when the project delivers,' Hicks told The News Tribune. 'According to Southport's market study for the project, it puts the average Viridian Grove unit around $450 less than average market rents.'
Viridian Grove was supported by a $2 million investment from Pierce County's Maureen Howard Affordable Housing Fund. The project also received $2 million in local affordable housing funding from the City of Tacoma.
The Maureen Howard Affordable Housing fund was established in 2023 to provide a dedicated county funding source to support affordable housing projects, rental assistance and permanent supportive housing initiatives.
Viridian Grove is one of several affordable housing projects that recently received a collective $17 million from the Pierce County fund.
In an interview with The News Tribune, Paul Fortino, a partner with Southport Financial Services, said the Maureen Howard investment can be the 'magic bullet' needed to push these kinds of projects over the finish line.
Fortino said the current housing market is compounded by several factors that disincentivize the development of affordable housing despite the overwhelming demand for more units.
In 2024, Bryan Schmid, affordable housing supervisor for Pierce County, said the county's goal is to use the new revenue to help fund the construction, renovation or acquisition of 1,700 units of affordable housing over the next six years — an anticipated 300 units per year.
'To fully meet the housing needs of current and future residents, the county needs to produce, on average, over 2,300 units per year of housing affordable at or below 50% of area median income (AMI) through the year 2044,' the county's Housing Action Strategy of 2022 found. 'Over half of these units are needed for households at 30% of AMI or below.'
According to Pierce County's Human Services Department, the Maureen Howard Affordable Housing Fund has contributed to the creation of 741 affordable housing units since it was created in 2023.
As of March 27, 253 of those units are already completed, 227 are under construction, and 261 are in the development pipeline.
According to Pierce County Human Services Spokesperson Kari Moore, the completed units are all at Copper Way Apartments in Spanaway, where all the units are for households making 60% AMI.
The Viridian Grove project is expected to be completed by July 2026.
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