Kōz on MLK
Kōz on MLK is a 161-unit affordable and workforce affordable housing development in Tacoma, WA, with 6,000 SF of ground floor commercial space. It delivered in May 2022.
Located in Tacoma’s Hilltop community, a Low- to Moderate-Income (LMI) and historically Black neighborhood, Kōz on MLK reflects the meaning of locally-designed, community-driven development. In addition to affordable housing, Kōz on MLK addresses the neighborhood’s core service and amenity gaps, including access to banking and financial services. In October 2023, Seattle Credit Union opened a branch in Kōz on MLK’s ground floor commercial space. Seattle Credit Union is committed to providing economic stability, facilitating financial education, and fostering an understanding of generational wealth on the Hilltop.
Koz on MLK offers strong access to public transit, including Tacoma’s expanding light rail, and stands in close proximity to local demand drivers, including two medical campuses and a convention center.
In the 1980s and 1990s, the Hilltop was gripped by gang violence and drugs. Over the past several decades, the community has transitioned dramatically. More recently, a housing affordability crisis in the neighboring city of Seattle has ramped up, causing an exodus from Seattle to Tacoma, putting upward pressure on rents.
Kōz on MLK, which offers 161 units priced affordably to households earning <80% of the Area Median Income (AMI), enables long-time Hilltop residents to stay in and build up their community, instead of facing displacement. The building provides new, high quality, cost effective housing close to amenities and public transportation, allowing working families in Tacoma to live close to where they work and play.
Impact Alpha Profiles Kōz on MLK, Citing Powerful Combination of Affordable Housing & Community Services
RIGHT: Hilltop residents at SCU's Grand Opening in October 2023
In October 2023, Seattle Credit Union (SCU) opened its newest branch at Kōz on MLK in the Hilltop neighborhood of Tacoma, Washington, a low-income, BIPOC community. Prior to investment, Catalyst’s Community Needs Assessment identified financial services as an acute local service gap. For those in financial services deserts, having a financial institution open locally can lower physical barriers to entry, offer more personalized banking experiences and provide services, including education, tailored to the unique needs of the community.
SCU has a low-income designation by the National Credit Union Administration. This designation helps SCU better serve those most in need of banking services—households with fewer check cashing, savings or loan resources, and/or those in need of greater financial education. SCU will serve Kōz on MLK residents and the wider community through increasing access to bank accounts, supporting immigrants seeking ITIN numbers, issuing loans, and offering a wide range of financial services and education.
Through a thoughtfully designed tenant survey, Catalyst unlocks a deeper understanding of Kōz on MLK’s impact on residents’ lives.
The 13-question survey allowed Catalyst to measure Kōz on MLK’s additionality, hear directly from residents, and create a feedback mechanism to tailor future impact to the expressed needs of the community. Survey questions centered around key themes, including housing, commuting patterns, financial health, community engagement and educational programming.
69%
16%
70%
39%
92%
86%
The community has historically been attached to the arts. You see here the beginning of the mural on our building… The artist is local and from the Hilltop community. We gave him license to paint whatever he thought represented the community historically… This was a big part of being able to keep the spirit of the community alive.
Koz Development
Cathy Reines, President & CEO
Cathy Reines is a founder and owner of Kōz as its President, CEO & Board Chairman. Cathy is responsible for the overall financial reporting of the Company, coordinating construction and permanent financing options, investor reporting and relationships, community relations and overseeing implementation of the business plan. Prior to founding Kōz, Cathy was the President & CEO of a Seattle-based micro-housing development, construction and property management company. Cathy has held partner positions in national, regional and local CPA firms and has held both CEO and CFO positions at SEC reporting community banks.
Catalyst communicates impact outcomes through recognized frameworks for thriving communities: the UN Sustainable Development Goals (SDGs) & the Social Determinants of Health (SDOH).
Kōz on MLK most closely aligns with the following SDGs and SDOH:
