Heritage Bank saw the impact of homelessness in their community, and stepped up to help. The bank financed a $15,150,000 construction loan and provided an equity investment of over $21,000,000 to help build apartments for single adults who have stabilized after homelessness—and that’s just the beginning.
The bank partnered with Plymouth Housing to build Kristin Benson Place in Seattle, slated to open in mid-2021. The 2nd & Mercer building, will have 91 studio apartments, plus two live-in staff apartments. Residents of the building will include individuals experiencing homelessness who have relied on temporary shelter for many years as well as people currently housed with Downtown Emergency Service Center (DESC) or Catholic Housing Services and residents in Plymouth Housing’s “Moving On” program.
The project includes offices for building staff and on-site case management to provide the supportive services that have shown to dramatically improve the success rate of permanent housing for those exiting chronic homelessness. The 2nd & Mercer project also features a ground-floor space for Path with Art, a local organization that utilizes art as a means to assist people recovering from homelessness, addiction or other trauma. In addition to operating out of this new building, Path with Art will offer classes and community arts space.
For their incredible efforts, Heritage Bank has been awarded a 2021 ABA Foundation Community Commitment Award. This award recognizes and promotes the many valuable ways banks of all sizes contribute to economic growth, community development and enhancing the quality of life in their communities—and is a true badge of honor for any bank to earn.
