WSECU Joins Other Credit Unions in Support of New Affordable Housing

Oct. 3, 2024 (Spanaway, Wa) — WSECU is pleased to announce the opening of Copper Way apartments in Spanaway. The project marks the third opening for the Evergreen Impact Housing Fund (EIHF) a funding partnership supported, in part, by several credit unions to increase the supply of affordable housing in the Puget Sound region. The development marks the completion of EIHF’s first investment in Pierce County.

A consortium of Washington State credit unions contributed to the financing of Copper Way. WSECU, Verity Credit Union, Sound Credit Union and BECU have been investors in EIHF since 2020.

Copper Way features 256 affordable units and prioritizes apartments for families. More than 80% of Copper Way’s units have two or more bedrooms, including 80 three- and four-bedroom apartments built with families in mind. EIHF’s first-of-its-kind financing structure enables developers to create more family-sized units, working closely with the Washington State Housing Finance Commission to complement public funding.

“We are thrilled to celebrate the opening of Copper Way, a testament to the power of collaboration in addressing our region's housing challenges,” said Ann Flannigan, Vice President of Public Relations. “This project demonstrates how innovative partnerships can create tangible solutions for our communities. As credit unions, we're proud to support projects like Copper Way that make a real difference in people's lives” A second credit-union supported project in Renton is expected to open to families in 2025.

Inland Group developed the Copper Way project, which broke ground in July 2023. “We all need to work together to create the policies and tools that make it possible to efficiently build and sustainably operate affordable housing, and Copper Way has been a great example of that collaboration” said Charlie Anderson, President of the Inland Group.

In an increasingly unaffordable region, all units at Copper Way will be aimed at individuals and families earning 60% of the area median income or less (or $69,480 income for a family of four), offering a 31-38% discount to current market rents. Copper Way is close to public transportation and essential stores, including a grocery store. The complex features a fully furnished clubhouse that holds the leasing office, resident lounge, business center, game room, and fitness center.

Representatives from Inland Group, the credit unions, Pierce County Council, Pierce County Human Services, and EIHF gathered for a grand opening event this morning. The celebration culminated with a ribbon-cutting ceremony and tours of the building. Copper Way is currently accepting resident applications.