Many of you know that District 751 has owned low-income housing properties containing over 500 units for close to 50 years. Most of the properties have been paid-off and maintained themselves. This is an excellent benefit that District 751 provided to help those most in need in our community by offering safe, secure, affordable housing.
The value of these properties was not available for investment in other programs beneficial to our members.
Recently, District 751 agreed to sell the properties to the King County Housing Authority whose mission is to maintain low-income housing in our community. We can rest assured that this entity will maintain these properties as low-income housing in perpetuity.
District 751 will now be able to put these resources to work in an aerospace skills training program. There are several hurdles before we get started, such as approval from Housing & Urban Development (HUD) and the IRS. We look forward to sharing more details as we create what is to be known as the Aerospace Machinists Institute. The vision of this Institute is to support training for our current members and the public looking to gain critical aerospace skills for employment.
We have also had discussions with the King County Housing Authority on ways to partner on training and education for those in our community who utilize this low-income housing.