Seattle To Spend Big On Affordable Housing
SEATTLE (AP) – Seattle Mayor Jenny Durkan says the city this year will invest a record amount – $110 million – in affordable housing.
The Seattle Times reports that funding will go toward the construction and redevelopment of 1,944 new units.
Durkan made the announcement Monday afternoon, stressing the urgent need for affordable housing.
Seattle taxpayers have decided to fund much of the city’s affordable-housing investment through the Seattle Housing Levy, but the city was also able to use a state sales-tax credit authorized by the Washington Legislature last session.
An additional $13.3 million came from that tax credit, as did $32 million from real estate excise-tax revenue and $12.75 million from the sale of the Mercer Mega Block.