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King County Budget Committee to Vote on $63 Million for Affordable Housing – Without Raising New Revenue

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The Budget and Fiscal Management Committee, chaired by Councilmember Claudia Balducci is set to act tomorrow on legislation authorizing the county to access $63 million in funding for affordable housing  (2019‑0354  and 2019‑0355). This is not a new tax, rather the legislation as authxnorized through HB 1406 will allow King County to receive a portion of the state’s sales and use tax rate – that would have otherwise gone to the state general fund – for new units of affordable housing and operations/maintenance of the new units serving persons with income at or below 60% area median income (AMI). The legislation is expected to be expedited out of committee to full Council on Wednesday.

Cities also have the ability to implement this new authority. Combined, King County and the jurisdictions within it will be able to invest up to $200 million in affordable housing over the next 20 years. In 2018, The Regional Affordable Housing Task Force, a collaborative effort between King County and cities which was co-chaired by Councilmember Balducci, concluded that 244,000 new units of housing are needed in King County by 2040 to address the affordable housing crisis.

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The above is a press release from the King County Council. The Auburn Examiner has not independently verified its contents.

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