City Of Seattle’s Investment In Affordable Housing – Housing Levy
Over the past 7 years the City of Seattle’s Office of Housing has provided Housing Levy funds that support the Workforce Housing Zoning Incentive Program, the Seattle Homes Within Reach Property Tax Exemption Program, and other programs that:
- Developed or preserved 11,011 rental units for low income individuals and families
- 3,550 rental units for homeless individuals and families
- 5,125 rental units for low wage working families and individuals
- 2,336 rental units for modest wage working families and individuals
- Rehabilitated 238 homes with safety repairs for low income families and individuals
- Weatherized 5,570 homes
- Enabled 404 low and moderate income families and individuals to purchase their first home
Twice a year the Seattle Office of Housing accepts applications through a NOFA (Notice of Funding Available), which is a competitive funding process that provides capital and operating funds that support the preservation or development of affordable multifamily rental housing.
Funding is granted to non profit housing developers such as Capitol Hill Housing Improvement Program (CHHIP), Central Area Development Association (CADA), Housing Resources Group (HRG), Low Income Housing Institute (LIHI), Plymouth Housing Group (PHG), Seattle Chinatown International District Preservation and Development Authority (SCIDPDA), and Inter*Im Community Development Association.
In addition to funding provided by the City of Seattle’s Office of Housing, non profit developers also apply for and utilize dollars obtained from the WA State Department of Community, Trade and Economic Development, tax credits from the Washington State Housing Finance Commission, King County Housing and Community Development Program, and the Federal Home Loan Bank.
Economic and Community Development Tools
The City of Seattle’s Office of Economic Development provides low interest loans for mixed use and commercial projects to for-profit and non-profit developers and businesses whose projects create jobs, or develop affordable housing that will support neighborhood businesses while helping to preserve a diverse economic base of residents or redevelop abandoned or underutilized property that will contribute to the revitalization of the City’s business districts.
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Community Development Float Loan Program
CDBG (Community Development Block Grant) Float Loans are short term loans available to businesses who demonstrate that the use of public financing for a project is appropriate to create or retain jobs.
Each funded activity must meet one of three national CDBG objectives: benefit low and moderate income persons, prevent or eliminate slums or blight and meet urgent needs and each grant recipient must ensure that at least 70%
of its expenditures over a particular time period must be used for activities under the first of the listed national objectives.
The Float Loan Program has been used for:
- Family Services of King County Rainier Valley – Property acquisition for a support center to serve low and moderate income families
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Section 108 Loan Program
The Section 108 loan program is a source of Federal financing and is funded by borrowing against future Community Development Block Grant allocations. It is administered by OED for the use of economic development, housing rehabilitation, public facilities rehabilitation, or construction projects that benefit low to moderate income persons, or aid in the prevention of slums.
The Section 108 Loan Program has been used for:
- Lewiston Hotel – Low income housing preservation of 49 units for the homeless
- Rainier Valley Chubby and Tubby Site – Development of 67 rental units affordable to families between 60% and 80% area median income
- Alpha Cine – Site acquisition for an office and manufacturing facility resulting in the retention of 30 jobs
- Promenade 23/Red Apple Market – Refinancing of debt for the development and revitalization of the Promenade Shopping Center
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