King Co. Executive proposes partnership for 2,000 units of affordable housing

King County Executive Dow Constantine has announced a proposal to create or preserve more than 2,000 affordable housing units near public transit and high-performing schools.

Constantine proposed a new partnership with the King County Housing Authority, which would have access to King County's triple-A credit rating.  Constantine said that would enable the Housing Authority to develop or preserve up to 2,200 units of affordable housing over the next six years in strategic locations.

"To ensure a strong, thriving middle class in our region, we must have more housing that is both affordable and connected to opportunity," Constantine said. "By joining forces with the King County Housing Authority, we will deliver more than two thousand units of affordable housing countywide -- near mass transit and in vibrant neighborhoods."

Constantine said that housing authorities used to be able to borrow money like local governments do. But because of a change in federal policies, banks no longer lend to housing authorities on the same basis. Thus, King County government would effectively become a ‘co-signer’ for the housing authority to finance the creation of more housing.

“We are becoming the land of ‘haves’ and ‘have nots,’” Constantine said from the Sea-Tac light rail station. “That is the problem. That is the crisis we face today.”

He said people are now pushed to find affordable housing in sometimes unhealthy situations, or places far from where they work.

Cox Media Group