Seven-hundred units of affordable workforce housing would be created in mixed-use, mixed-income communities built around transit centers, under a new regional initiative announced by King County Executive and Sound Transit Board Chair Dow Constantine.
“Light rail has the power to transform communities. With this vision we can be deliberate about creating vibrant, walkable, economically diverse neighborhoods around new and existing stations,” said Constantine.
“Using funding tools authorized by the Legislature, we can create at least 700 units of permanently affordable workforce housing to help meet the regional need, while catalyzing market-rate residential and commercial development near rail stations,” added Constantine.
The Executive’s Transit Station Housing and Development Initiative calls for creation of Transit-Oriented Developments, or TODs, that include housing, shopping, schools, and job centers. It is funded in three ways:
• King County Housing Bonds – As much as $45 million over the next six years would be generated under new authority from the Legislature to use anticipated lodging tax revenue sooner than expected. The final amount will be determined in collaboration with stakeholders and the County Council. The revenue will fund creation or preservation of at least 500 units of affordable workforce housing in healthy and sustainable transit-oriented communities.
• REDI Fund – At least $18 million is currently pledged to a new revolving loan fund called the Regional Equitable Development Initiative. REDI funds will enable the purchase of land and buildings for construction or preservation of 200 units of workforce and mixed-income housing over the next five years. The REDI Fund will be administered by the non-profit Enterprise Community Partners.
• Sound Transit 3 ballot measure – Legislators who authorized ST to go to the voters for expansion of light rail added a workforce housing fund for creation of housing near light rail stations, with authority to contribute an additional $20 million over four years to a revolving loan fund, like the REDI fund, should ST3 pass.
“Sound Transit’s commitment to make more land available near light rail for affordable and workforce housing will enable us to build much more housing for families to get to work, school and play,” said Bill Rumpf, president of Mercy Housing Northwest, which breaks ground in December on housing for 108 lower-wage working families on a Sound Transit site next to Othello Station
In the next eight years, Sound Transit is on track to build more than 30 miles of light rail extensions approved by voters under ST2. As the system expands and stations are completed, Constantine has led Board action to direct that surplus land be freed up for community-building opportunities radiating outward from the stations.
Further opportunities will come through the ST3 measure that is under development in response to the public’s call for light rail extensions to Tacoma, Everett, downtown Redmond, Ballard and West Seattle.
Under the Regional Housing Initiative, Sound Transit will ramp up its work to make station areas vibrant and thriving places where people of all walks of life will live, work and play. The agency will kick-off a four-month effort to engage stakeholders and develop recommendations for the Sound Transit Board. Other near-term elements include a listening tour, workshops and a summit early next year.
“The State is proud to be a partner in this new regional TOD initiative,” said State Rep. Jessyn Farrell, who authored the amendment to create the workforce housing fund in ST3. “Working together at the state, regional, and local level, we can help catalyze developments to maximize our investment in regional light rail.”
