The projects will increase affordable housing by 302 new apartments and another 272 refurbished units. The new projects will include $5.6 million for an 85-unit building for low-income families with household income from $39,000 to $47,000 a year and will be located in Seattle's Japantown, $4.1 million for 72 affordable apartments included in Compass Housing Alliance's Compass on Dexter project, and $3.5 million for transition housing that includes 65 apartments for former homeless citizens, part of the Plymouth Housing Group's Third and Virginia building.
In addition, $1.85 million has been awarded to build 45 units to house homeless people with chronic mental illnesses, $1.6 million will fund the rehabilitation of 34 units for low-income seniors along with another 35 new units, $2.1 million for refurbishing 50 Josephinum Apartments, and up to $500,000 to rehabilitate a five-story historic building in the Denny Triangle area which will be used for low-income housing.
The grants are awarded to several project developers for a variety of affordable housing projects in the form of low-income long-term loans which city officials estimate will increase the grant money four times in the form of additional funds from other sources. City officials will also monitor the affordable housing rates for up to 50 years.
The Seattle Housing Levy since 1981 has funded over 10,000 affordable apartments for seniors, low- and moderate-income families, and those who were previously homeless. The Levy has also enabled more than 600 Seattle first-time homebuyers to purchase a home with down-payment assistance programs. More than 4,000 families have received affordable housing in the form of rental assistance.
For more information, visit www.seattle.gov/housing/levy/default.htm
