The Pearl on Adams, conveniently located in downtown Spokane, provides affordable 1 bedroom apartments in a 4-story historic building. Building amenities include a secure entry, elevator, tenant storage, on-site laundry facilities, computer lab, community room and air conditioning.
Once an abandoned building in Spokane’s West Downtown Transportation Corridor National Historic District, today the Pearl on Adams features 35 units of affordable housing. This $7.4 million project was made possible thanks to Low Income Housing Tax Credits (LIHTC), Historic Tax Credits (HTC), and the sponsors of the project, including the Spokane Housing Authority, equity investor US Bancorp Community Development Corporation, and funding provided by Washington State Housing Trust Fund and the City of Spokane. Bank of America provided acquisition funding and U.S. Bank National Association provided construction financing for the project.
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.