The city of Seattle has announced a notice of funding availability (NOFA) to support the development of affordable rental housing for families and lower-income residents. The NOFA provides at least $110 million for developers to advance new construction, rehabilitation and acquisition projects.
The funding comes from a combination of the 2023 Seattle Housing Levy, the JumpStart Payroll Expense Tax, the Mandatory Housing Affordability program and federal sources.
Experienced developers may apply for funding for new construction on vacant or redeveloped sites, rehabilitation of existing residential buildings or acquisition of existing residential properties that will provide affordable rental housing.
Developers have until Sept. 17 to apply.
Priority will be given to projects that meet at least one of three criteria: providing permanent supportive housing for individuals or families experiencing homelessness, reserving at least 20% of units for households earning no more than 30% of area median income (AMI), or designating at least 20% of units as family-sized homes with two or more bedrooms.
Projects located in neighborhoods where the city has previously invested in affordable housing funding or where residents face displacement also will receive priority.
Photo by D Goug from Pexels
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