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Seattle City Council Advances $970M Property Tax for Affordable Housing

The Seattle City Council is one step closer to sending voters a $970 million property tax levy to build affordable housing, increase pay for human services workers, and fund homeownership programs.

The measure would renew and triple the existing Seattle Housing Levy, set to expire this year. Mayor Bruce Harrell, backed by affordable housing advocates and some city leaders, proposed the increase citing the rising cost of living and the increase in homelessness.

The council is expected to give final approval to the measure next Tuesday. Voters will weigh in during the November election when seven council seats will also be on the ballot.

With the funds, Seattle aims to fund the construction of 2,881 affordable rental apartments and 277 affordable homes for sale, in addition to improvements for 635 existing affordable apartments. The city will also spend up to $30 million on short-term loans for nonprofits to buy existing apartment buildings.


Inside The Story

About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

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    Portland, ORSeattle & Northwest + Low-Rise
    Listing Status:Available
    Listing Type:Highest & best offer
    No. of Units:31
    Cap Rate:4.91
    Average Occupancy:100
    Year Built:2020
    Building Size:19551 Sq ft
    Lot Size:18200 Acres
    No. of Stories:3
    Opportunity Zone:No
    Buy Side Fee:$1
    Price per unit:$241,935
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    Portland, ORSeattle & Northwest + Mid-Rise
    Listing Status:Available
    Listing Type:Highest & best offer
    No. of Units:27
    Cap Rate:6.12
    Average Occupancy:99
    Year Built:2017
    Building Size:14683 Sq ft
    Lot Size:4831 Acres
    No. of Stories:5
    Opportunity Zone:No
    Buy Side Fee:$1
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