More than 1,000 units of affordable housing will be built over the next five years within a half-mile of Metro Transit centers and Sound Transit light rail stations, under a bill signed by Executive Constantine to invest up to $87 million in his Transit-Oriented Development Bond Allocation Program.
The adopted legislation calls for the County to issue a total of up to $87 million in bonds, to be backed by future hotel/motel tax revenues, for construction or preservation of hundreds of housing units within a half-mile of new or existing light rail or train stations operated by Sound Transit, or RapidRide, or Bus Rapid Transit stations operated by King County Metro Transit:
- Countywide: $32.3 million for projects with nonprofits and partner agencies
- I-90 Corridor: $10 million for projects near transit stations along the I-90 Corridor between Issaquah and North Bend
- Northgate: $10 million for a project or projects at the Northgate Transit Center
- South County: $10 million for projects near the Des Moines or Federal Way transit stations
- Eastside: $10 million for projects near Bel-Red Corridor transit stations
- Seattle South Downtown: $14.7 million total, of which $8.7 million would be dedicated to the Historic South Downtown Public Development Authority, $3 million for the Pacific Tower affordable housing project, and $3 million for affordable housing near Othello Station.
Learn more and find the forms for Requests for Proposals here.