Today by a unanimous vote the King County Council passed legislation that allows King County to directly access approximately $100 million in funding for affordable housing (2019‑0354 and 2019‑0355) over the next 20 years.
The legislation uses new authorization granted by the state legislature in 2019 to receive a portion of the state’s sales and use tax for construction, operations and maintenance of new affordable housing serving persons with income at or below 60% area median income (AMI). This funding that would otherwise have gone to the state general fund. There is no increase in the sales tax to consumers.
In addition to the County funding of $100 million, cities around the region are expected to take action to implement this new authority. Preliminary estimates indicate that combined the jurisdictions in King County will be able to invest over $200 million in affordable housing, permanent supportive housing, and rental assistance over the next 20 years.
Investments authorized by this legislation will be used to help meet the immense need in King County for more affordable housing. In 2018, The Regional Affordable Housing Task Force, a collaborative effort between King County and cities which was co-chaired by Councilmember Claudia Balducci, concluded that 244,000 new units of housing are needed in King County by 2040 to address the affordable housing crisis.
“With a need so great, it’s imperative that all levels of government work together to leverage this new funding into more affordable homes,” said Budget chair and legislation sponsor, Claudia Balducci. “I want to thank King County cities, notably the City of Seattle, who have partnered with us to ensure we can maximize the impact of this significant investment for homes over the next 20 years.”
“Despite a strong economy we still face significant challenges—including increasing income inequality, housing displacement, and homelessness,” said Councilmember Jeanne Kohl-Welles, Chair of the Health, Housing and Human Services Committee. “In order to stem the tide of people experiencing homelessness we have to maximize every available tool, in addition to addressing the root causes and systemic and institutional inequities that perpetuate this crisis.”
“Solving our area’s unprecedented housing crisis requires a series of smart, bold steps,” said Marty Kooistra, Executive Director of the Housing Development Consortium of Seattle-King County. “The state legislature responded by creating a unique revenue pathway for cities and counties at a time when new options are very limited. And now the leadership of King County has stepped up with this critical decision to enact the ordinances necessary to retain a portion of state sales tax for the production and preservation of affordable housing. The social and economic benefits of this decision will be felt by families and entire communities in King County.”
The above is a press release from the King County Council. The Auburn Examiner has not independently verified its contents and encourages our readers to verify any information they find may be overly biased or questionable. The publication of this press release does not indicate an endorsement of its contents.