The mayor proposed it in March, and the City Council finalized it this afternoon – the next renewal of the seven-year Seattle Housing Levy, expanding it to almost a billion dollars, will be on your November ballot. Here’s an overview of where that money would go, according to the council’s website:
Rental Production and Preservation:
$707,270,379 – Capital funding for new production of affordable rental housing, acquisition of structures to create or preserve affordable housing, and reinvestment in existing affordable housing to make capital improvements.Operating, Maintenance, and Services:
$122,300,000 – Operating support for Housing Levy-funded buildings for 20 years, supplementing rent paid by low-income residents, including formerly homeless residents and other residents with supportive service needs. Wage stabilization support for supportive housing workers serving residents who have experienced homelessness and who are living with low incomes.Administration:
$60,000,000 – Funding for administration of all programs, including holding costs and predevelopment costs for land in the City’s possession.Homeownership Program:
$50,689,796 – Assistance to low-income homeowners to maintain stable housing through emergency home repair grants, assistance to eligible homebuyers through home purchase loans, and development subsidy loans for the development of new resale-restricted homes.Prevention and Housing Stabilization:
$30,000,000 – Rent assistance and stabilization services for low-income individuals and families to prevent eviction, support housing stability, and address homelessness.Acquisition and Preservation:
Up to $30,000,000 (no additional funding) – Short-term acquisition loans for cost-effective purchases of buildings or land for rental or homeownership development.
The first Seattle Housing Levy was a $50 million, 8-year measure in 1986; the one that’s expiring, passed in 2016, was for $290 million. You can see the rest of its history here. As for this one, when proposed in March, it was described as costing the owner of a median-value home – $855,000 – $32 a month.
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