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Mayor, city finance, and Seattle Social Housing present $2 million bridge loan plan; city to intercept future tax revenues for repayment
Summary
City finance staff presented a proposed loan of up to $2 million to Seattle Social Housing to bridge startup operations until a new employer tax begins flowing; the loan would be repaid from future initiative-driven tax receipts and carry standard interest tied to the city's cash pool rate.
City Finance, the mayor’s office and Seattle Social Housing presented the council’s Finance committee on June 18 with a proposed bridge loan of up to $2 million to sustain the social housing developer’s startup operations until new tax revenues begin to flow.
The Social Housing Developer was created by voter-approved Initiative 135; a later voter measure (Initiative 137) established a dedicated employer tax on compensation above $1 million to fund the developer. Staff told the committee the Initiative 137 tax revenues are expected to be significant—staff referenced an early projection of roughly $50,000,000 per year—but the first collections will not arrive until early 2026. The developer needs interim funding to continue minimal operations and to prepare for full-scale development and program work.
Jamie Carnel…
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