Snoqualmie committee reviews affordable-housing funding sources, disbands RFQ subcommittee

The Snoqualmie Community Development Committee on Tuesday reviewed local funding options for affordable housing and discussed next steps for bringing a formal request for proposals after receiving two responses to a previous RFQ.

“To date the City of Snoqualmie has collected $1,960,000 so far inside of our affordable housing fund,” Finance Director Drew told the committee during a 30‑minute presentation on funding sources and legal limits. Drew outlined a mix of revenue sources the city has used and could use, including a developer settlement, sales‑tax credits, a housing‑related services sales tax, and real‑estate excise tax (REET) funds.

The presentation put the largest single bucket of recurring revenue as the 0.1% housing and related services sales tax, which Drew said has produced roughly $1,570,000 to date and “generates approximately $27,000 per month or $322,000 per year.” He said the city has also received about $280,000 in interest and settlement proceeds tied to a 2018 settlement with Puget Western Incorporated (PWI) after a Falls Crossing development did not meet an affordable‑unit requirement.

The finance director emphasized statutory and program restrictions on how specific revenue…