Dominium – an affordable housing owner, developer and manager located in Minnesota – announced this week the closing of $38.5 million in financing for the upcoming Downtown Emergency Services Center (DESC) Burien supportive housing project.
The controversial DESC Burien apartment – part of the City of Burien’s Affordable Housing Demonstration Program – will provide 95 units of permanent supportive housing for residents dealing with mental illness and substance use disorders.
Dominium has been offering pro bono development and consultation services towards the construction of the community as part of its philanthropic arm Dominium Gives.
DESC will manage the development upon completion in Spring, 2024, and DESC Burien will be the first development for Dominium in the state of Washington.
Located at the site of the former Burien Professional Center at 801 SW 150th Street (map below), DESC Burien will follow housing-first treatment principles through 95 units of permanent housing. It will provide supportive services for highly vulnerable individuals with high behavioral health needs including severe and persistent mental illness and substance use disorders.
Dominium says that support services will be paid for through cash flow from building operations, developer fee and public funding contracts.
Founded in 1972, Dominium has been in business for 50 years, and manages more than 38,000 apartments in 19 states. They employ more than 1,200 employees, and provide development, property management, and consulting services.
“DESC Burien embodies our belief that everyone deserves the dignity of home,” said Jeff Huggett, Dominium Senior Vice President and Project Partner. “This partnership with DESC is a great opportunity to provide stable housing for some of the most vulnerable members of the community. We’re humbled by the opportunity to participate in this incredible project, and proud of the improved housing outcomes it will deliver.”
The $38.5 million project will be financed in part through 9% tax credits through the Low-Income Housing Tax Credit (LIHTC) program and allocated to Heritage Bank through a partnership sponsored by Enterprise Housing Credit Investments. All 95 Project Based Vouchers will be provided by King County Housing Authority, 70 of which will serve persons with disabilities, while the other 25 will serve homeless veterans eligible for VASH.
Dominium’s Pro Bono Program represents 10% of the company’s nationwide development efforts, the company said. To date, the program has closed more than 500 units and developed 90,000 square feet of commercial support space representing $200 million in development costs. The company’s short-term goal is to exceed $500 million in total development costs.
Dominium’s development and financing partners include Absher Construction, Kantor Taylor, SMR Architects, and First American Title.
