SEATTLE — Mayor Bruce Harrell released a housing levy plan on Thursday that he said will increase affordable housing options throughout Seattle and alleviate the homelessness crisis in the city.
The housing levy will allocate $970 million over seven years to produce around 3,000 new rental and for-sale homes, the Mayor said in an announcement Thursday. Harrell's plan would cost about $383 per year for the median Seattle homeowner, based a home valued at $855,136.
Harrell said rental housing production and preservation make up $707 million of the funds in the housing levy. The plan mentions rental housing, including permanent supportive housing for people with disabilities, older adults, homeless individuals and families, low-wage working people, and families with children that will be affordable for a minimum of 50 years. At least 60% of rental housing funds will help families or low-income individuals earning up to 30% of median income, according to the plan.
The remaining $200 million in the housing levy would be used towards building permanently affordable homes for households earning up to 80% of median income (between $66,750 and $95,300), short-term rental assistance and other programs designed to help lower-income residents.