HASCO Moves Forward with Public Housing Restructuring Plan

On January 16, 2015, HUD approved HASCO’s plan to restructure HASCO’s 210-unit Low Rent Public Housing portfolio of 14 properties in Snohomish County. The implementation of this plan will involve converting the existing tenant rental subsidy from the Low Rent Public Housing program to the Section 8 program. No tenant will be required to move as a result of the subsidy conversion and the 210 units will remain affordable to low-income households. The subsidy conversion will be complete by the end of the year. The restructuring will allow HASCO to complete maintenance and repair work at the properties over the next several years, including upgrading the units with new amenities, and enables HASCO to build up replacement reserves for future capital work down the road. The restructuring will allow HASCO to preserve these affordable properties in our community long-term.