Credit Unions Power New Affordable Housing Development in Puget Sound

Posted by Alyse Knudsen on July 2, 2025

Ribbon-cutting ceremony at the Astra apartments on June 21

Five Washington credit unions — BECU, Salal Credit Union, Sound Credit Union, Verity Credit Union, and WSECU  — partnered with the Evergreen Impact Housing Fund (EIHF) and developer DevCo on the Astra housing development, bringing 275 affordable apartment units to working families in Renton, Wash.

The opening of the Astra apartments on June 21 not only celebrated another step towards addressing and providing solutions for Washington state’s housing crisis, but it also celebrated the dedication and investment of credit unions towards serving and uplifting their communities.

“Credit unions are innovators and collaborators — we see this time and again,” shared WSECU VP of Public Relations, Ann Flannigan. “These attributes help us advance creative solutions to things like the region’s affordable housing challenges. None of us can move the needle alone, but together, we are finding ways to make progress.”

The EIHF is a first-of-its-kind partnership between Seattle Foundation and the Washington State Housing Finance Commission, which launched in 2020 to help combat the growing affordable housing crisis in the Puget Sound region — the depth of which is threatening the fundamental health of the community.

The credit unions pooled resources through EIHF which then complemented this private, philanthropic capital with existing public funding from the Washington State Housing Finance Commission. This is the second EIHF project supported by the credit unions — the first being the 256-unit Copper Way apartments in Spanaway, Wash., that opened in September 2024.

“Advancing affordable housing is foundational to our mission at Verity Credit Union,” said Ziquora Banks, Verity’s Chief Impact Strategy Officer. “Our involvement in the Astra housing project reflects our commitment to expanding access to housing as a pathway to economic mobility. By collaborating with credit unions across the region to support the creation of stable housing, we’re helping to create the conditions where families can thrive, opportunities flourish, and communities take root. This is what drives real impact.”

The Astra apartments are conveniently located near Renton’s urban center, transit lines, grocery stores, and Sunset Neighborhood Park and offer one-, two-, three-, and four-bedroom units, ideal for working individuals and their families.

Ongoing investments in innovative funding solutions and public-private partnerships demonstrate that creating affordable housing in the Puget Sound region is not only possible but achievable. This project is a testament to the power of cross-sector capital and collaboration, made possible by the many credit unions and other stakeholders who have come together with a shared commitment to making a difference.

Posted in Community Impact, Regional Member News, Top Headlines, Washington.