(The Center Square) – Seattle Mayor Bruce Harrell is proposing a bill to provide the Seattle Social Housing Developer with a $2 million loan until new payroll expense tax revenue rolls in.
The Seattle Social Housing Developer is a public development authority created by Seattle voters through Initiative 135. Its purpose is to develop, own, and manage permanently affordable, mixed-income housing in Seattle. This means the housing will be publicly owned, preventing it from being subject to market speculation, and will prioritize affordability for residents across a range of income levels, with rents capped at 30% of a tenant’s income
If the proposed bill is approved by the Seattle City Council, the developer will use the $2 million to sustain its core operations and potentially pursue property acquisition opportunities, according to a press release from Harrell’s office…