Travel guru Rick Steves gives away $4 million apartment complex
Travel book writer and TV show host Rick Steves has given a $4 million apartment complex in Lynnwood, Wash., to the YWCA for housing homeless women and their families.
“One of my pet social causes has long been affordable housing,” Steves wrote on his travel blog, posted April 13. “Twenty years ago, I devised a scheme where I could put my retirement savings not into a bank to get interest, but into cheap apartments to house struggling neighbors. I would retain my capital, my equity would grow as the apartment complex appreciated, and I would suffer none of the headaches that I would have if I had rented out the units as a landlord. Rather than collecting rent, my ‘income’ would be the joy of housing otherwise desperate people.”
Steves, whose company is based in Edmonds, Wash., said he eventually came to own a 24-apartment complex in Lynnwood that he provided to the YWCA for transitional housing for homeless single moms and their children. It is called Trinity Place.