Photo: Joe Mabel/Flickr

The University of Washington has announced it will partner with the Seattle Housing Authority to build at least 150 subsidized apartments in the University District for its faculty and staff. The units will be rented at below market prices to help employees avoid getting priced out of Seattle’s housing market, reports The Seattle Times.

The cost of rent in the U District averages about $1,750 per month, while the median house in Northeast Seattle costs about $825,000. The UW apartments will likely be offered to people making up to 60 percent of the area median income. Currently, that amounts to $57,600 for a family of four. Rents for a one-bedroom would be capped at $1,080, in today’s dollars, reports the Seattle Times.

The apartments would be located just west of campus, at a university-owned property at Roosevelt Way Northeast and Northeast 42nd Street. The 22,400 square foot lot currently houses a small office building, a parking lot and a hacker house. A hacker house is a place for tech workers to crowd into a shared living space and rent rooms by the night.

The UW also wants the project to include a program to help young homeless adults, although the details have not been confirmed.

A financing plan has yet to be established. Officials hope to find a developer later this year, with the goal of opening the housing in 2021. That date coincides with the opening of a planned light-rail station nearby.

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