It’s time for the rubber to meet the road at City Hall where officials are aiming to create 20,000 new units of affordable housing in Seattle over the next decade. Mayor Ed Murray and City Council member Mike O’Brien were set to announce new housing legislation Tuesday that will create 6,000 of those units over ten years.
UPDATE 12:50 PM: One way or another, all new development in Seattle over the next decade will contribute to affordable housing. That was the message from Murray and O’Brien as they unveiled two pieces of proposed legislation (PDF) Tuesday afternoon at First Hill’s Cascade Court Apartments.
The first measure, known as mandatory inclusionary housing, would require all new multifamily buildings to make 5-8% of their units affordable to those making 60% of the area median income or require developers to pay into an affordable housing fund. In 2013, Seattle households at 60% AMI took in $40,487. The plan calls for affordability to be calculated at 30% of income, meaning affordable units would be rent restricted to around $1,000 a month.
Developers would have the option to build an additional story, but they must pay-or-play regardless if that story is built. The rate at which developers would pay into the fund has not yet been determined. The fund will prioritize building housing within the same neighborhood from which the fees are generated, O’Brien said.
The second measure, known as the commercial linkage fee, would require all new commercial development to pay $5-$17 per square foot into an affordable housing fund. The option to build additional floor area will be included to help builders offset the fee. Developers would also have the option of providing an equivalent amount of housing offsite.
“This is a bold, progressive proposal where growth itself will support affordable and environmentally sustainable neighborhoods,” Murray said.