Finance & Cost
Denny Park Apartments was developed by a nonprofit housing development organization. The financing came from a mix of eight private and public sources, including low-income housing tax credits, state housing trust funds, and private debt. A number of sources—including the City of Seattle Built Green Program and Seattle City Light’s Built Smart Program for energy efficiency—supported the project's green features. The project also received the first national grant award from Enterprise Community Partners as part of the Green Communities initiative. Just over $2 million was provided by the Seattle Office of Housing; this money came from the proceeds from the sale of City-owned properties, demonstrating Seattle’s commitment to affordable housing.
The original property owner, the Unity Church of Truth, sold the property for affordable housing instead of maximizing economic gain from another buyer. Eight units were financed by the Sound Families Initiative of the Bill and Melinda Gates Foundation. As a project sponsored by a nonprofit developer of affordable housing, Denny Park is entirely dependent on financial partnerships with organizations that share a commitment to social and environmental justice.
Cost data in U.S. dollars as of date of completion.
- Total project cost (land excluded): $6,500,000
The owner made a commitment to green measures for energy cost savings, life-cycle cost savings of building systems, and the health of occupants in addition to their environmental benefits. The owner accommodated higher initial costs with the confidence that they would lead to long-term benefits.
An energy life-cycle cost analysis modeled three different heating systems. As a result, the developer selected the most efficient system even though it had a significantly higher first cost. Similarly, the developer selected metal roofing because it has a much longer useful life than more conventional roofing systems, making it more cost effective over time.
The health benefits of good indoor air quality are more difficult to quantify but were nevertheless considered valuable. Materials and ventilation systems were selected to maximize indoor air quality and to avoid conditions conducive to mold growth. In addition, the entire building is designated non-smoking.