City Council approves loan to build four-unit, affordable apartment

The Spokane City Council on Monday approved a loan agreement with a Spokane couple to build a four-unit apartment house that will offer affordable rents for low-income residents.

The council approved a loan of $200,000 in federal HOME funds for the $261,000 construction project at 2511 N. Haven St. Each of the four units will have three bedrooms.

Under the agreement with the city, two of the units will have rents targeted to persons earning no more than half the area’s median income. The other two units will have rents aimed at households earning 30 percent of the median income. The agreement calls for maintaining affordable rents for 20 years.

An adjacent lot with two additional fourplexes also has received assistance through federal funds.

Developers were identified as Konstantin and Tatyana Vasilenko of Spokane. They have provided nearly $62,000 as the sponsors of the project approved Monday.