(Corrected, June 15, 2009) My colleagues and I voted on a
number of key provisions related to renewal of the City's affordable housing
levy this afternoon, including setting the amount of the levy at $145 million over
seven years beginning in 2010. We will take our final vote next Monday
afternoon at 2 p.m. to place renewal of the levy before the voters. If passed, Seattle voters will make a final
judgment about the levy this November.
The
affordable housing levy develops rental housing, provides rental subsidies and
offers assistance to home-buyers. New
rental units help our lowest income neighbors find housing in Seattle that they
can afford. The rental assistance
prevents low income renters from becoming homeless. And home-buyer assistance encourages home
ownership by those who otherwise might not have access to the market.
When approved, the vast majority of levy funds will target
those earning 50% or less of the area median income (about $29,500 for a
one-person household). Some funds may
also be spent on those earning 51% to 80% of the area median income (between
$29,500 and $44,800).
Seattle voters first approved an affordable housing
levy in 1981, and then renewed it in 1986, 1995, and 2002. Another renewal of the levy is fully
justified because of the excellent track record of the previous levies and
because the current economic crisis the nation is suffering is placing many working
families at risk.
Approval of the levy can also be seen as part of our
city’s economic stimulus effort.
Administration of the levy involves a public-private partnership among the
City, the nonprofit sector, and private industry. That partnership creates jobs. The private sector especially benefits as thousands
of jobs are created for architects, engineers, and construction workers.
If approved by voters in November, the levy will
cost the owner of an average ($460,000) assessed value Seattle
home approximately $6.60 per month.
The owner of a median ($379,811) assessed value home will pay about
$5.45 per month.