Investing in everlasting reasonably priced housing is without doubt one of the most crucial actions our Metropolis performs to make sure that we meet the calls for of this second in addressing Seattle’s housing affordability disaster, serving to seniors, low-income employees, households with youngsters, and other people experiencing homelessness get housed and keep housed. The Workplace of Housing’s annual experiences reveal the collaborative, inventive, and environment friendly makes use of of the Metropolis’s general investments into reasonably priced housing by way of packages just like the Seattle Housing Levy, Obligatory Housing Affordability and Incentive Zoning, and Multifamily Tax Exemption.
With assist from Seattle residents, the Metropolis has considerably elevated the investments we make into the event of reasonably priced housing for many who would in any other case not be capable of afford to reside, work, and create resilient communities. Working collectively, we will proceed to make Seattle reasonably priced and livable for generations to come back.
Key highlights for 2022 embody:
- $144 million awarded for rental housing manufacturing, for 990 new reasonably priced rental residences to be produced by way of these awards.
- $40.3 million in acquisition loans to safe seven websites that can assist future growth of 380 new rental models.
- $10.48 million for completely reasonably priced homeownership growth and 95 new completely reasonably priced for-sale properties at six websites.
- $5.8 million in stabilizing properties for owners by way of the Dwelling Restore Program, Weatherization Program, and Clear Warmth Program.
- Within the sixth 12 months of the 7-year 2016 Levy interval, three of the 5 program areas have already exceeded their objectives and the opposite two are on observe to satisfy them by the top of this system interval in 2023.
- $13.8 million in Levy funds to 5 rental housing growth tasks will present 321 reasonably priced properties, along with $3.8 million preserving long-term affordability for 62 properties in a single challenge.
- $5.8 million for homeownership growth, ensuing within the development of 58 new completely reasonably priced for-sale properties.
- Over $122,000 in dwelling restore grants permitting 19 low-income owners and their households to stay of their properties, and extra funding and companies for owners together with foreclosures prevention.
- Aiding 414 households at imminent danger of eviction and homelessness to take care of secure housing and 129 households to maneuver into housing after dwelling of their automotive, a shelter, or exterior by way of Homelessness Prevention and Housing Stability Providers.
- For tasks with issued constructing permits in 2022:
- Roughly seven % (66 models) of whole residential models have been dedicated as reasonably priced housing in 14 tasks satisfying MHA necessities by way of the efficiency possibility.
- MHA funds obtained totaled $74.7 million.
- $The Workplace of Housing awarded $77.5 million of MHA funds in 2022 to assist over 900 reasonably priced rental residences and 30 for-sale properties reserved for low-income first-time homebuyers and resale-restricted to make sure everlasting affordability.
- Three models have been dedicated as reasonably priced housing in two residential developments satisfying IZ necessities by way of the efficiency possibility. IZ funds obtained totaled $17.5 million. The Workplace of Housing awarded $11.4 million of IZ funds in 2022 to assist growth of 58 reasonably priced rental residences and renovation of three buildings that affordably home over 341 people and households.
- 22 multifamily housing properties totaling 3,738 rental models (together with 793 MFTE models) and 12 possession models have been issued Last Certificates of Tax Exemption.
The Workplace of Housing’s general investments into all forms of reasonably priced housing, alongside our home-owner stabilization packages, continues to create protected and wholesome properties the place individuals can discover stability and thrive. These experiences present the Metropolis’s direct investments into constructing a One Seattle the place everybody has a spot to name dwelling.
For extra data on the Workplace of Housing’s annual experiences, please go to seattle.gov/housing or contact email@example.com.