Seattle City Council
12/12/2005 3:18:00 PM
Michael Fong (206) 684-8808
UP TO $50-MILLION TO ACQUIRE PROPERTY FOR HOUSING
The Council leads on an enterprising opportunity for low-income families
SEATTLE – Today, the City Council adopted a Resolution directing the city’s staff to work with the Enterprise Foundation and other interested entities on the development of a site acquisition program for affordable housing. The goal is to acquire property for the future development of affordable low-income housing for families earning up to 80% of median income ($58,000 for a family of four).
"This important action is certainly not too soon in coming," said Councilmember Tom Rasmussen, Chair of the Council's Housing Committee and sponsor of the legislation. “It’s time for the City to seek out opportunities to purchase land and develop cost effective housing for more families in our community.”
The price of real estate in Seattle is rising rapidly and this program would acquire property today at today’s prices and develop housing that is financially feasible for families. Rasmussen has been talking with the Enterprise Foundation for months and Enterprise has committed to secure up to $50 million for this new program.
The Enterprise Foundation is a national non-profit organization that provides development capital and expertise for creating affordable housing nationwide. They have created partnerships and developed similar programs in Portland, OR, Baltimore, MD and City of New York.
City staff will develop a proposal and report back to the Housing Committee by March 1, 2006.