Mayor provides update on affordable housing
Mayor Mike McGinn today provided an update on affordable housing in Seattle, including a plan to guide the City’s work in promoting new housing, including affordable housing. McGinn also announced the creation of a new advisory group to review the City’s affordable housing incentive programs.
“We will bring together members of the community to look at how we can best meet the growing demand for housing, bringing the public and the private sector to help provide affordability,” said McGinn. “Working together, we can build great communities where people can afford to access the jobs and opportunities our city has to offer.”
The advisory group will bring together community members, affordable housing providers, developers and other experts. Along with staff from the City’s Department of Planning and Development and Office of Housing, the group will provide strategic guidance around the renewal of the Multi-Family Tax Exemption, recommend changes to citywide affordable housing zoning incentive programs, and recommend an adjustment to the incentive zoning fee-in–lieu formula. Members of the advisory group will be announced in the coming weeks.
Demand for housing is growing in Seattle as the city recovers from the recession. Seattle has been ranked the #1 city for tech jobs by Forbes, and was #4 nationwide in overall job creation in 2012, according to the US Department of Labor. Based on current trends, Seattle expects to add 115,000 jobs in the next 20 years. 23,335 units of housing have been added since 2005. 70,000 more housing units are projected to be built in the next 20 years, which would continue the average pace of development we’ve seen between 2005 and today. Increasing the housing supply is an important part of meeting this demand and helping provide more affordability.
The Seattle Housing Strategy includes four focus areas to make it easier for the public and private sectors to build housing that is affordable:
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