2017 ANNUAL REPORT 7 >>  CHALLENGE Seattle, at the heart of King County, is the fastest-growing city in the nation. This extraordinary growth is changing the face of the surrounding suburbs and leaving far too many of our neighbors behind. With rents continuing to climb — especially in historically more affordable neighborhoods — and with the failure of wages to keep pace, many families are struggling to pay the rent, and an alarming number are living on our streets. >> APPROACH KCHA employs multiple strategies to expand our reach and address the housing needs of those the private market has failed: property acquisitions; new housing construction; expansion of our housing voucher program; new supportive housing partnerships for special-needs populations; and operating support for a regional pipeline of new nonprofit housing development. ACQUIRING AND PRESERVING AFFORDABLE HOUSING In 2017, we closed on two properties located in high-opportunity areas of the county: Ballinger Commons, a 485-unit complex in Shoreline, and Redmond’s Friendly Village, a mobile home park with 224 units of senior housing. These strategic acquisitions ensure that low-income households can continue to benefit from the opportunities and amenities available in these highly desirable cities. To expand our financing options KCHA entered into a $200 million credit enhancement partnership with King County this year and received a stand-alone AA Issuer Rating from Standard and Poor’s.