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City briefs council on Bellwether Prisma purchase, state grant, deeded parcel and possible $1 million city subsidy to preserve deeper affordability
Summary
City staff briefed council on the Bellwether Prisma affordable housing project at Overlake Station, the city’s proposed purchase of a 1,600‑square‑foot commercial space and deeded Parcel B, confirmed a $618,000 Commerce grant application, and described a proposal to allocate $1,000,000 from an existing housing fund to preserve deeper affordability for family units.
City planning and parks staff briefed the Committee of the Whole on the Bellwether Prisma affordable housing project planned for surplus Sound Transit land in the Overlake Village neighborhood adjacent to the light rail station, and on two related city finance items: (1) a proposed purchase and sale of an approximately 1,600‑square‑foot city commercial space within the development and acquisition of an adjacent Parcel B via deed of dedication to meet zoning/permit requirements, and (2) staff’s work to help preserve deeper affordability for larger family units through grant funding and a proposed $1,000,000 city allocation from an existing affordable housing fund.
Deputy Director Sarah Fee Allen and Parks Deputy Director Dave Chuchak described the project as 328 deeply affordable units serving families with two‑ and three‑bedroom units near the Overlake Station. Allen said the city previously approved a memorandum of understanding with the developer and is…
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