OVERVIEW: Firwood is a 20 bed DSHS licensed boarding home purchased by Community House in 1998. Firwood like Spring and Hilltop Manor is a 24 hour staffed facility purchased from private sector owners. Firwood had been in the Greenwood neighborhood since the 1940's as a home for the aged. Community House was interested in the property because the site had room for additional expansion of housing.
CLIENT PROFILE: Clients must be through contract with through DSHS.
LOCATION: 10751 2nd Ave. N. W. Seattle, Wa. 98117
ACQUISTION/CONSTRUCTION FUNDING: In 1998 Community House purchased Firwood from private owners under owner financing. In 2004 Community House submitted to City of Seattle and State of Washington application to rebuild Firwood Group Home and also build an 8 bedroom "cluster house" on the site known at 110th St. Operations at the rebuilt 20 single room Firwood DSHS licensed boarding home began in 2007.
OPERATING SUBSIDIES: Firwood does not receive subsidies for operation. All operations are supported by client monies and service dollars from DSHS Operations are therefore vacancy sensitive.
LOAN TERMS: Loan with State of Washington of $920,146 at 4% interest simple interest accrues at 1% for SO years. Payments of 50% of net cash flow if available. To date there is not cash flow and will not be based on type of operations. Loan will renew or be forgiven in 2054. Loan with City of Seattle of $975,589 at 4%. This note bears no interest and will convert to grant in January 2044 if property continues as low-income housing.