City announces $27 Million in affordable housing investments
SEATTLE - Mayor Mike McGinn and Office of Housing Director Rick Hooper have announced over $27 million in affordable housing investments, funded primarily from the Seattle Housing Levy. The 2013 funding awards are provided to housing organizations in Seattle who will build or preserve 432 quality rental units that are rent-restricted for at least 50 years.
"These projects will help provide affordable housing to more residents, including those who are homeless," said Mayor Mike McGinn. "I want to thank Seattle voters who are making it possible to provide more people with an affordable home through their strong support for the Housing Levy."
"This is a significant award to the Latino community and communities of color that will allow us to build assets and meet multiple community needs including affordable housing for low-income working families and affordable multicultural community/civic gathering spaces," stated Estela Ortega, Executive Director of El Centro de la Raza.
Each year, the Multifamily Rental Housing Program provides funding to support the development of affordable housing for priority populations such as low-income seniors and families and homeless individuals. The projects funded in 2013 include:
Each dollar of the $27 million invested by the City of Seattle will leverage $3.00 in non-city funding for a total of over $108 million in total development cost.
"The Office of Housing is proud to support our community partners who do an amazing job building quality housing for our low-income residents," stated Hooper.
The Office of Housing has funded over 11,000 units of affordable housing since the first low-income housing bond measure in 1981. The current housing levy, approved by voters in 2009, is up for renewal in 2016.
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