Seattle social housing developer could acquire its first building this year

Soundside

The Seattle City Council recently approved a $2 million dollar loan for the city’s social housing developer. That’s a public development authority that will manage publicly financed housing in the city. It can serve people who make up to 120% of the area median income.

Voters overwhelmingly supported the creation of the social housing developer in 2023. They also approved a funding plan for the developer in February that pays for it by putting in place a new tax on companies with high income earners. Next year, the social housing developer is anticipated to receive an estimated $50 million dollars from that tax.

In the meantime, Mayor Bruce Harrell requested the $2 million dollar loan, saying the money would go towards keeping the organization running and potentially acquiring new property this year. As of now, the developer doesn’t own any. In its early stages, the developer has been dogged by concerns that it hasn’t proven it can get this money out the door and into housing and questions about whether it’s serving the city’s greatest need by using public money to provide housing for people making more than the median income for the area.

Guest:

Roberto Jimenez, CEO of Seattle’s Social Housing Developer

Links:

KUOW: Why someone earning over $100,000 could qualify for Seattle’s affordable housing

Seattle Times: Seattle’s social housing developer struggles with ‘growing pains’

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