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Dive Brief:
- The Seattle Social Housing Developer Board last week unanimously approved a location in the city’s Central District for its first social housing construction project.
- The project will include around 20 mixed-income homes, at least half with two to three bedrooms, and will cost an estimated $15 million. The development is slated for completion by the end of 2028.
- The organization purchased its first building, a 150-unit apartment complex, earlier this year and expects to own around 1,000 homes by the end of 2027.
Dive Insight:
The Seattle City Council in February approved an interlocal agreement with SSHD, transferring $115 million for the entity to carry out the city’s vision for publicly owned housing meant to address an affordable housing shortage.
The initiative is funded by the city’s Proposition 1A, a mandate voters approved last year that taxes employers an additional 5% for employees making more than $1 million annually.
SSHD will host a lottery for the new homes on the 7,800-square-foot property. The lottery for its 150-unit social housing apartment complex earlier this year drew more than 10,000 applicants, the Seattle Times reported.
SSHD said it expects to unveil a second acquisition for social housing by the end of this year.
