BREMERTON, WASHINGTON – On December 11, 2024, Bremerton Housing Authority (BHA) achieved a major milestone by completing the financial closing for the redevelopment of six affordable housing properties across Bremerton, improving homes for 138 families. This marks the first phase of BHA’s ambitious repositioning project, aimed at enhancing the quality and long-term sustainability of its housing portfolio. Leveraging innovative financial tools provided by the U.S. Department of Housing and Urban Development (HUD), BHA is addressing critical capital needs for aging properties while creating more stable operational income. This pivotal step reinforces the commitment to preserving affordability and elevating Bremerton as a vibrant and welcoming community.

“The fantastic news is that we have taken a major step in one of our primary goals to strengthen our assets and ensure financial sustainability for BHA!” said BHA Executive Director Jill Stanton. “This was an important strategic initiative established by our Board of Commissioners and implemented by our leadership team. I’m very proud of BHA for taking this on and ensuring the next generation served by BHA will have the resources to do that. It’s a great week for us.”

This project, known as Bremerton Bright Start Properties (BBSP) Phase I, is set to break ground in early January 2025 and will take about 18 months to complete. The properties receiving upgrades include the Casa del Sol Apartments and Charter House senior apartments in Manette; the Shadow Creek Apartments and Winfield Apartments in East Bremerton; and the Tara Heights and Wright Court neighborhoods in East Bremerton. Specific improvements will vary from property to property depending on needs but may include new roofs, new siding, window replacements and extensive updates to unit interiors to make homes more comfortable and attractive for residents while also bringing them into compliance with current accessibility codes. Furthermore, the project improvements will adhere to the Evergreen Sustainable Development Standard, improving the environmental sustainability of the buildings.

Keeping residents informed, reassured, and minimally impacted by these major renovations is of utmost concern for BHA. Residents will be temporarily housed in another unit or off site for approximately three weeks while their units are remodeled. With very few exceptions, tenants will return to the same unit after the remodeling work is complete. BHA and its relocation consultants will manage all phases of the residents’ temporary relocation, including help with packing personal possessions as requested, moving supplies, moving, and all rental costs at the temporary living quarters.

This is a large and complicated project that requires extensive coordination and care at every step. BHA has many project partners to thank for their help and dedication in completing the closing so the development can begin. BHA also wants to express appreciation for Mayor Greg Wheeler and the Bremerton City Council for their support of this project.

The transaction partners include the following:

• Development Consultants: Brawner & Company has worked with BHA for almost 18 months to bring this project to fruition and will continue to consult on all phases of repositioning.
• Low Income Housing Tax Credit Investor: RBC Community Investments (“RBC”) provided $24 million in tax credit equity.  RBC will be BHA’s partner on this project for the next 15 years.
• Construction and Permanent Lender: BHA issued tax-exempt governmental multifamily revenue notes in a private placement with CitiBank’s Community Capital division to provide $36 million in construction financing and $14.5 million in permanent financing.
• Public Funding: Washington State Department of Commerce approved a “rollover” of an existing $775,000 grant to remain in place within the new project’s financing structure.    
• General Contractor & Architect:  Belfor Construction, as General Contractor, and InkBuilt, as Project Architect, will handle all phases of permitting, design, and renovation work on the 6 properties which comprise this project.

BHA is actively finding ways to fulfill its mission by leveraging its strengths in affordable housing management and property development. This project is an example of the ways BHA remains committed to addressing the affordability crisis in Bremerton and surrounding areas by investing in long-term solutions that ensure safe, quality housing for current and future residents. Repositioning is not just about improving buildings—it’s about strengthening the foundation of our community and providing stability for families who call Bremerton home.