In West Spokane’s Downtown District, Cornerstone Courtyard, provides workforce housing with 1, 2 and 3 bedroom apartments. The building features a secure entrance, fitness room, community room, computer lab/library, on-site laundry, air conditioning, and an elevator. There is also limited on-site secure parking.
Formerly the Borning Building, this historic warehouse once served as the home of a furniture wholesaler and later the Borning Corp., a Spokane-based company that manufactured an adjustable maternity bed. Cornerstone Courtyard was converted into 50 affordable housing units in 2007.
This $11.2 million acquisition/rehabilitation project was made possible thanks to Low Income Housing Tax Credits (LIHTC) and Historic Tax Credits (HTC) and the sponsors of the project, including the Spokane Housing Authority, equity investor US Bancorp Community Development Corporation, Washington State Housing Trust Fund, the City of Spokane, and the Federal Home Loan Bank. Impact Capital generously provided funding to determine initial feasibility for the project, Bank of America providing funding for the acquisition of the project and construction financing was provided by U.S. Bank National Association.
Incomes are restricted to renters with incomes at or below 40 and 50 percent of area median income, depending on the unit. Rents are also restricted by LIHTC rent limits and the project will remain affordable for at least 40 years.