Today, Mayor Murray announced the availability of over $22 million in funding for affordable housing in Seattle. Part of the annual Notice of Funding Availability (NOFA) from the Office of Housing, this money will be loaned to housing developers to build apartments affordable to our city’s low-income residents.
“This funding is part of the City’s continuing commitment to support the development of affordable housing so that families of all incomes can call Seattle home,” stated Murray. “The people of Seattle have made affordable housing a priority since the first housing bond was passed in 1981 and I am committed to continuing this good work to support housing affordability.”
Over the last 30 years, the Office of Housing has invested more than $400 million in the creation and preservation of nearly 12,000 units of affordable housing. These apartments retain their affordability for at least 50 years.
“The investment from the Office of Housing is a vital part of our funding mix,” said Marty Kooistra, director of the Housing Development Consortium. “Affordable housing developers are able to leverage this local funding at a three-to-one ratio with public and private investments.”
Last year, the City awarded $27 million to seven affordable housing projects, preserving 122 apartments and building 310 new units. Priority projects include those that provide housing for homeless adults, families and youth; seniors and people with disabilities; and low-wage working families.
“The Office of Housing strategically invests these public funds across the city to provide opportunities for low-income families and individuals not just for the next few years, but for decades,” stated Steve Walker, Director of the Seattle Office of Housing. “We work with our partners to ensure these buildings are sustainable and built to last.”
Applications for the 2014 NOFA are due on September 12. Awards will be announced in November 2014 after a competitive process managed by the Office of Housing.