BREMERTON: The three-story, 80-unit complex represents the final phase of affordable housing construction at Bay Vista, the vast new community that has replaced the old Westpark projects.
While the prior affordable complexes were built by Bremerton Housing Authority, The Pearl was created by American Baptist Homes of the West and Beacon Development Group. The building is managed by Beacon Communities, the rebranded affordable housing arm of American Baptist Homes of the West.
The developers secured about $10 million in funding from Housing and Urban Development’s elderly housing program as well as tax credits from the state Housing Finance Commission. The federal HUD money, which was used to help finance 65 units, caps rents at one-third of the tenant’s adjusted income. A tenant relying on Social Security might pay between $250 and $300 a month…