Seattle council approves $2 million bridge loan for social housing developer
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Summary
The council approved a council bill authorizing up to $2 million in general-fund bridge financing to the Seattle social housing developer to cover staffing and operations until tax proceeds are received in January 2026; the vote was 7-0.
Seattle’s City Council unanimously approved July 8 a loan of up to $2,000,000 from the general fund to the Seattle social housing developer as short-term bridge financing.
Council member Rivera, reporting the transportation and finance committee recommendation, told colleagues the loan is intended to cover staffing and operational costs for the social housing public development authority until the first tax proceeds are collected and transferred. Rivera said the bridge funding was “critical to the continuation of the social housing PDA and will cover staffing and operational costs until the first proceeds are received in January of 2026.”
The bill authorizes the director of finance to enter into a loan agreement and specifies that the loan will be repaid from future tax proceeds tied to the voter-approved initiative from the previous fall. Council President Sarah Nelson called the roll, and the measure passed 7-0.
There were no recorded amendments or opposing statements during the floor vote. The legislation is intended to ensure continuity of the social housing entity’s operations while revenue from the voter-approved tax mechanism is collected.