A Home for Habitat

On November 25, Tacoma/Pierce County Habitat for Humanity officially closed on the purchase of the building at 4824 South Tacoma Way that houses its administrative offices and Tacoma Store location. Tacoma Habitat has operated out of this location since February 2011 and were expecting to continue leasing the building for another eight years. When the previous owners decided to sell, the leadership of Tacoma Habitat jumped at the opportunity. 

With input and support from the Board of Directors, CEO Sherrana Kildun and Tacoma Habitat board member Mark Holcomb, a real estate attorney and president of Morton McGoldrick, PLLC, began the process of buying the building. 

“The Board of Directors and staff felt like they wanted to take control of their own destiny,” said Mark. “Financially, it just made sense.” 

Tacoma Habitat worked with Kitsap Bank and eventually applied for a unique loan with the Washington State Housing Commission, an organization that offers bond financing to make the purchase of buildings more feasible for nonprofit organizations. 

“Washington State Housing Commission is a great tool for nonprofits to use to get financing with lower interest than market comparable rates,” Sherrana said. 

The building purchase was a four-month process including loan applications, a purchase and sale agreement, and an inspection of the entire building – a very similar process to what Habitat homebuyers go through. 

Having a stable location for Tacoma Habitat’s flagship location helps deepen roots in the local community. And any future improvements to the building and Store will increase the building’s value.  “Just like a Habitat homeowner who obtains a mortgage, over time this asset will build equity,” Mark explained.  

“We’re excited about the neighborhood and our neighbors,” said Sherrana. “We’ve been here for such a long time, and we are really proud to be able to have a home for Habitat and set ourselves up for long-term success.” 

Owning the building gives Tacoma Habitat the opportunity for expansion and the flexibility to grow and increase its capacity to serve Tacoma and Pierce County.  

With its own home secured, Tacoma Habitat is better positioned than ever to serve Pierce County with affordable homeownership through Financial Counseling, Critical Home Repairs, helping people make their dreams of homeownership a reality.