The city is revisiting its affordable housing programs, which currently do little to help moderate-income residents who are increasingly priced out of homeownership.
"Last year, the typical single person in Seattle earned enough to buy a home for just under $200,000 while the typical family of four had enough to pay just over $280,000, according to the U.S. Department of Housing and Urban Development. The median prices were about $450,000 for a house and $290,000 for a condo."
Cities and housing agencies traditionally have focused on those with lower incomes, said David Bley, Enterprise's vice president of strategic programs. But "all of a sudden there's tremendous need among more moderate-income people who are struggling to stay in cities like Seattle."
"City officials continue to look into expanding incentives, such as the height bonus, and including more-expensive units in a program that offers a tax exemption for apartments affordable to low-income residents. Ferris also said the city could lower development fees for projects providing affordable housing."
"Tony To, a Seattle Planning Commission member and director of the housing agency HomeSight, said developers could take some steps without incentives. He lauded Belltown's moda condos, which got prices as low as $149,950 by cutting unit size to as little as 296 square feet. HomeSight cut prices for non-subsidized homes in Noji Gardens, in South Seattle, by using modular construction and limiting space and extras."
FULL STORY: Average Seattle worker can't afford to live here
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