With rents and housing prices out of reach throughout the region, King County Executive Dow Constantine on Wednesday joined with County Councilmember Dave Upthegrove and housing advocates to sign legislation to invest up to $87 million for creation of more than 1,000 units of affordable workforce housing near new or existing transit stations.
“Today, we celebrate landmark legislation to create vibrant, mixed-income neighborhoods with affordable housing near transit centers,” said Constantine, according to a county media release. “It’s an innovative approach to connect more communities across King County to jobs and opportunity.”
The County Council on Monday adopted legislation accepting the executive’s Transit-Oriented Development Bond Allocation Plan, while nearly doubling the $48 million originally proposed for the program. The bill-signing took place at Highline College in Des Moines, near the Kent-Des Moines Link light rail station slated for opening in seven years.
“King County is facing a housing affordability crisis. We must build as much housing as possible as fast as possible,” said Council Budget Chair Dave Upthegrove, whose District 5 includes Kent and Des Moines. “I am excited to see how these funds will be used to integrate housing with light rail in South King County.”
The adopted legislation calls for the county to issue a total of up to $87 million in bonds, to be backed by future hotel/motel tax revenues, for construction or preservation of hundreds of housing units within a half-mile of new or existing light rail or train stations operated by Sound Transit, or RapidRide, or Bus Rapid Transit stations operated by King County Metro Transit:
• Countywide: $32.3 million for projects with nonprofits and partner agencies
• I-90 Corridor: $10 million for projects near transit stations along the I-90 Corridor between Issaquah and North Bend
• Northgate: $10 million for a project or projects at the Northgate Transit Center
• South County: $10 million for projects near the Kent/Des Moines or Federal Way transit stations
• Eastside: $10 million for projects near Bel-Red Corridor transit stations
• Seattle South Downtown: $14.7 million total, of which $8.7 million would be dedicated to the Historic South Downtown Public Development Authority, $3 million for the Pacific Tower affordable housing project, and $3 million for affordable housing near Othello Station.
“This is an incredibly robust and intentional plan that will allow the county to address the urgency and scale of today’s crisis and strategically invest in creating equitable communities for years to come,” said Kelly Rider, director, government relations & policy at the Housing Development Consortium Seattle – King County. “By providing affordable homes near transit, this plan will cut household expenses for low-income people, reduce traffic congestion and ensure families can spend more time together rather than stuck in traffic.”
The program builds upon the Transit Station Housing and Development Initiative launched by the Executive in September. In early 2015, the state Legislature passed the Workforce Housing Bill, which gives the county the ability to issue bonds, backed by revenues from a portion of the hotel/motel tax that will become available in 2021, to help finance workforce housing within a half-mile of a transit station.
Up to $15 million from the countywide pool of funds are set to be awarded this year as part of the county’s annual Housing Request for Proposals, which will be published by the end of next week.
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