Federal Spending Bill Impacts on PNW Affordable Housing Projects
President Joe Biden signed a rather large omnibus spending bill on March 15, 2022. That bill — now law – includes tens of millions of dollars to assist construction, distribution, availability and inventory for affordable housing.
The Seattle area will see some influx from that spending. In King County, five affordable housing projects are set to get federal funding boosts. In Tacoma, Wash., two developments are slated to gain a fiduciary boost:
A 300-unit project under development by Forterra on the former Rite Aid site at the corner of 11th Avenue South and Martin Luther King Jr. Way, will receive $1.5 million
Tacoma Housing Authority is also authorized to receive $3 million for its ~$100 million development project at 1120 11th St.
Additionally, a mixed-use project at 7544 Martin Luther King Jr. Way S. (in Rainier) will receive $1 million to help the completion of a project that includes 148 affordably priced apartments for low-income and homeless tenants.