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City awards $19.5 million to construct and preserve permanent affordable housing
SEATTLE - Mayor Mike McGinn and Councilmember Nick Licata today announced more than $19.5 million in capital funding for the construction of five new apartment buildings that will serve homeless individuals, low-income individuals graduating from high-service need housing, seniors, rent-burdened and homeless families and low-wage workers. The investment, primarily Seattle Housing Levy funds, will help create 302 new permanent apartments, including some set-aside to serve veterans. In addition, the funds will preserve 272 units of existing affordable housing.
"This investment will provide affordable apartments while creating living-wage construction and building operation and maintenance jobs," said McGinn. "We are a growing city. And projects like these help support a diverse and vibrant community. I thank Seattle voters for making these investments in affordable housing possible."
McGinn made the announcement with Office of Housing Director Rick Hooper and Councilmember Licata near the parking lot of Hirabayashi Place at 424 South Main Street. This project will help revitalize a block of boarded up commercial space into 85 units of low-wage housing.
"This project would not have been possible without funding from the Housing Levy," said Licata. "Seattle is the only city in this country where its citizens have repeatedly increased the taxes on their homes in order that others may have a home to live in."
Overall, the funding will create 157 apartments for low-income individuals and families earning between $23,800 and $47,520 for a three-person household, create and preserve 35 apartments for low-income seniors earning up to $30,800, 108 apartments for individuals who are homeless, mentally ill or who have "graduated" and are formerly homeless earning under $23,800.
Additionally, the funded projects include an estimated total of more than $100 million in public and private capital funding representing a major investment in Seattle neighborhoods from the International District to South Lake Union, from Capitol Hill to Belltown, providing needed housing and living-wage jobs.
"This investment continues Seattle's long commitment of providing affordable housing," said Hooper. "These housing projects help our vulnerable neighbors and create living-wage jobs."
The Seattle Office of Housing awards multifamily funds annually to support the development of affordable housing. The long-term, low-interest loans are highly competitive, with applications carefully reviewed for financial feasibility, affordability, organizational capacity and how they meet the City's priorities. The affordability of the housing is regulated by the Office of Housing for a minimum of 50 years.
THE HOUSING DEVELOPMENTS - NEW CONSTRUCTION
Third and Virginia
The Caroline W. Apartments
THE HOUSING DEVELOPMENTS - PRESERVATION AND REHABILITATION
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