A multi-million dollar low-income housing levy is in the works. The levy plans to increase the limit on property taxes for seven years under the Revised Code of Washington 84.55. The new low-income housing levy was officially announced last week by Councilmember Teresa Mosqueda. The levy will create an estimated $138.6 million a year in funding – totaling $970 million. Residents can be a part of the levy discussion at a committee meeting on June 7.
Officials believe the levy will build over 3,100 new housing units. In addition, 9,500 households will receive help and assistance. Councilmember Teresa Mosqueda announced that the levy would raise property taxes to help provide housing for low-income individuals and families.
This is coming as the 2016 Housing Levy expires this year. The current levy has been in the works for months now. Reports staye that funding will be divided up into different projects. The projects focus on affordable rental housing, rent supplementing, and wage stabilization. There are more aspects of low-income housing that will also be included.
As there is a projection of a record number of residents nneding rental assistance, funds for low income residents will be beneficial. The funds will be used to also provide assistance to low-income homeowners and not just low-income renters. Funds can be used to build wealth by purchasing land for homeownership or rental development. Administrative costs for all city-owned land is also a part of the plan.
Voters will see the levy on the November 7 ballit. That is if it is approved by the city council. Upon passage, it would go into effect in 2024. The council will create a committee to review annual reports and look at data. The funds and projects would be overseen by the Office of Housing.
