As excitement builds around Seattle's voter-approved transit expansion plan, the REDI Fund will preserve space for low and middle-income residents in new transit-oriented developments.
Following the passage of Seattle's Proposition 1 in November, opportunities for transit-oriented development abound. So does private money and the potential for a glut of luxury housing. Far in advance of the transit, Oscar Perry Abello writes, "luxury developers — who typically have easier access to cash — buy up lots and buildings, which can lead to rising rents and displacement of longtime residents."
To help nonprofit and affordable housing developers compete, "Seattle joined with public and private partners from the region and beyond [...] to launch the Regional Equitable Development Initiative (REDI) Fund, a $21 million revolving loan fund to provide early low-cost financing for acquisition of transit-accessible property to build housing for low-income, working families."
Housing advocacy nonprofit Enterprise Community Partners designed the fund, providing $6.5 million toward its initial capital. The REDI Fund mandates that properties acquired with its financing will at minimum "build or preserve a share of homes affordable to households under 80 percent area median income (AMI), and 25 percent of the homes built or preserved using the fund will be affordable to households under 50 percent AMI. (In 2015, Seattle's AMI was $89,600.)"
FULL STORY: Seattle Starts $21M Loan Fund to Promote Affordable Housing Near Transit
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
Google Maps Introduces New Transit, EV Features
It will now be easier to find electric car charging stations and transit options.
Ohio Lawmakers Propose Incentivizing Housing Production
A proposed bill would take a carrot approach to stimulating housing production through a grant program that would reward cities that implement pro-housing policies.
Chicago Awarded $2M Reconnecting Communities Grant
Community advocates say the city’s plan may not do enough to reverse the negative impacts of a major expressway.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
City of Universal City TX
ULI Northwest Arkansas
Town of Zionsville
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