Council Dedicates Property Sale Proceeds Toward Affordable Rental Housing
SEATTLE – August 21, 2015 – (RealEstateRama) — Council unanimously adopted legislation today which dedicates the proceeds of a surplus City property sale toward developing low-income rental housing. Councilmember Nick Licata revised the bill to specify that half of the proceeds must serve households with incomes under 30% of Area Median Income (AMI), and the other half must serve households with incomes under 60% AMI.
“When it comes to affordable housing, it’s time to put our money where our mouth is,” said Councilmember Licata. “The modest funds used from this unneeded property will now be used to house people in need. This is one of dozens of steps necessary to provide affordable housing opportunities for more people.”
The property, located in the Miller Park neighborhood at 339 22nd Avenue East, consists of two parcels, which will be sold through an open and competitive bidding process. The City’s Department of Finance and Administrative Services estimates the property will generate $775,000. Before allocating the proceeds, approximately $38,000 of the funds must first go toward repaying a grant used to install a sprinkler system on the property in 2009.
The Housing Affordability and Livability Agenda (HALA) Advisory Committee final report included a recommendation that the City prioritize surplus properties for affordable housing, or if not suitable for development, to dedicate the proceeds to affordable housing (page 19). The legislation adopted today aligns with that recommendation.
The site was most recently operated by the Goodwill Development Association, which ended operations in 2012. The property has been vacant ever since.
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CONTACT:
Newell Aldrich, Councilmember Licata’s Office, (206) 684-8808
Dana Robinson Slote (206) 615-0061
