Seattle announces new funding for affordable housing near transit

SEATTLE – November 20, 2015 – (RealEstateRama) — Mayor Ed Murray submitted legislation to the City Council this week to invest an additional $1 million in land acquisition near transit hubs for affordable housing in Seattle. The Regional Equitable Development Initiative (REDI) fund creates a regional pool of resources that will be used to secure land near existing or planned high-capacity transit.

The idea for the REDI fund emerged from a 3-year regional planning effort, Growing Transit Communities, which concluded in 2013. The City Council authorized the $1 million in the 2015 budget and asked the Mayor and the Office of Housing to develop a Regional Compact with King County, the State of Washington, and other regional public and private partners to govern expenditure of the fund. A total of $21 million will be invested in the fund – $5 million from public sources and $16 million from private and other sources.

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