The city of Seattle is making 110 million dollars available to help fund and support the development of affordable rental housing, according to the mayor's office. The move is aimed at expanding the supply of homes that lower-income residents can afford across the city.
Mayor Katie Wilson said affordability is the cornerstone of her housing agenda. The new funding is presented as a central piece of the city's effort to make housing more accessible for residents across a range of income levels.
The main source of the funding is the 2023 Seattle Housing Levy, which was approved by voters that November. Through the levy, the city collects property tax revenue dedicated to housing, and it is set to continue generating funds through the end of the decade.
The money available for rental housing is intended to support households that earn between zero and 60 percent of the area median income. In practice, that directs the funding toward lower-income households, who often face the greatest difficulty finding stable and affordable places to live.
According to the plan, the funding will focus on permanent housing as well as family-sized units. The emphasis on permanent housing points to longer-term stability rather than temporary shelter for the residents who receive support.
To reinforce that focus on families, applicants seeking the funding must include a share of larger homes. Specifically, 20 percent of the homes in a project must serve families seeking two or more bedrooms.
The initiative draws on the voter-approved 2023 Housing Levy, directing its funds specifically toward affordable rental housing and family-sized units. City officials frame it as a key part of the mayor's broader push to address housing affordability in Seattle.