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Staff outlines multifaceted approach to meet downtown affordable housing targets
Summary
City staff described a multi-pronged strategy that includes a locally initiated project with nonprofit partners, tax incentive programs and zoning incentives to help meet downtown affordable-housing targets over the next 20 years.
A city project manager (project manager for the housing action plan) told the board that the city is using multiple tools to help meet downtown affordable-housing needs, including partnership projects, state and nonprofit grants, and zoning incentives that allow developers to opt in for increased density or height in exchange for affordable units. The manager said the city has pursued a "LOP project" in coordination with Arch (an affordable-housing provider in East King County) and has lined up grant funding to make deeply affordable units feasible.
On incentive programs, the staff member described a multifaceted approach: "So it's a multi pronged approach to addressing the, affordable housing shortage that we're hoping will provide will help us create the units that we need for the next 20 years," the project manager said. Staff noted the city uses mandatory affordable overlays in some areas and is reviewing revisions to voluntary programs to increase uptake by developers.
