OVERVIEW: Spring Manor was originally a 55 bed DSHS licensed boarding home purchased by Community House in 1996. It now has 57 beds licensed beds. Spring Manor was first 24 hour staffed facility purchased from private sector owners and Community House would continue to purchase from private sector over the next several years as private sector owners were leaving the business because of lack of profit. Community House clients lived in many of these homes and the Board of Directors felt that it was imperative that these places continued to house our clients rather than being sold and redeveloped in the hot real estate that was Seattle in the late 1990's.
CLIENT PROFILE: Clients must be mentally ill and be referred through contract with King County Mental Health Division or optional contract through DSHS agreement.
LOCATION: 1103 16th Ave. Seattle, Wa. 98122
ACQUISTION/CONSTRUCTION FUNDING: Original purchase of Spring Manor occurred in 1996 through owner financing. In 2004 Spring Manor was most recently refinanced in combination with Hilltop Manor under the HUD 232 Guaranteed Loan Program. The Federal Home Loan Bank also contributed to the refinance purchase of Spring Manor.
OPERATING SUBSIDIES: Spring Manor does not receive subsidies for operation. All operations are supported by client monies and service dollars from the King County Mental Health Division. Operations are therefore occupancy sensitive.
LOAN TERMS: Loan of with HUD of approximately $1.4 million dollars at 6.55% payable principal and interest of $9,014 monthly through October 2028.
GRANTS: Federal Home Loan Bank grant of $274,725 that is completely forgivable after 15 year term ending September 30, 2020 as long as project serves people below 50% median income. All clients served at Spring Manor are well below 30% of median income so regulatory requirements are easy to meet.