Seattle to Allocate $100M for Affordable Housing

Seattle to Allocate $100M for Affordable Housing

December 18, 2017
Among the nation’s 62 largest cities, Seattle emerged as the best place to set up residence, according to a new data study by WalletHub
Seattle Mayor Jenny Durkan has announced that the city will allocate a record level of $100 million in affordable-housing projects in the coming year, including 26 homes for first-time homebuyers plus nine new apartment buildings.
According to a Seattle Times report, the nine new multifamily developments will total 896 apartments, while two “affordable-homeownership sites” will be used for the construction of the new 26 homes. The funding also will help to maintain four existing apartment buildings with a total of 535 unites.
The money is being annually by the city’s Office of Housing to non-profit organizations, and rents and home prices will be aimed at households earning less than the area’s median incomes.  The allocation is more than twice the $51.1 million invested by the city last year and it surpasses the previous record of $67 million set in 2015.