The new Seattle Social Housing Developer funds affordable housing through a tax on the city's highest-paying companies.
The Seattle city council approved a plan to allow the city's Social Housing Developer to issue bonds, a move designed to help leverage more financing for affordable housing.
As Randy Diamond explains in The Center Square, the program is funded by a tax on companies that pay some employees over $1 million. "The organization received $116 million from the city of Seattle this year, which collects the tax, but won’t receive a new allotment of funds until 2027."
According to the charter change, the developer would use its existing building assets as collateral for debt, which would not have to be paid back by city taxpayers. "The charter changes would also allow the Seattle Social Housing Developer to bundle retail space in buildings it acquires and sell it as condominiums to private developers."
The agency has garnered criticism for its decision to purchase a luxury, market-rate building, where current tenants are allowed to stay. That means only a few of the 150 units actually became available to the 10,000 new applicants hoping to access an apartment. Mike Eliason, director of design and policy for the Seattle Social Housing Developer, said they plan to acquire 1,040 units and build 630 new units over the next five years.
Read the full story: Seattle's affordable housing developer given bonding power by city council
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Seattle Social Housing Tax on Highest-paid Jobs Will Bring in Close to $115 Million in First Year
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Seattle trails international peer cities in its social housing stock, but there are steps city leaders can take to produce more units and increase affordability.
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