SEATTLE — On Monday, the city of Seattle announced it will invest $22 million in new funding for affordable housing.
The investments are being made by the Office of Housing to support the productions of 267 new rent- and income-restricted homes to come to the Northgate and South Park neighborhoods.
While the investments will go to Sea Mar and GMD Development, other local funding sources are expected to be leveraged through tax credits, bonds and state and federal grants.
So far this year, $48 million have been invested in an effort to support affordable housing, including $23.7 million in investments that were announced earlier this year and $2.3 million to support Filipino Community of Seattle’s acquisition of land for future housing development.
Not only have there been nearly $50 million in investments, but the mayor has also formed a Housing Subcabinet, set a goal to have all affordable housing project permits approved within 12 months of submission, and is advancing new approaches to community engagement for Seattle’s Comprehensive Plan.
“Our region’s housing affordability crisis demands a diversified and comprehensive response that meets the scale of this challenge,” said Mayor Bruce Harrell. “Affordable, community-driven housing and supportive services are essential for combating this crisis and preventing displacement in the first place. Our One Seattle agenda will continue to drive bold investments and innovative solutions, strong community partnerships, and an unyielding commitment to ensuring Seattle is a livable city for all.”
According to the mayor’s office, Sea Mar’s South Park family housing will bring 77 homes to the South Park area, and 190 homes will be added to the Northgate neighborhood once GMD Development finishes that area’s housing project.
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