SOLUTIONS FOR CREATING 20,000 INCOME RESTRICTED UNITS HOUSING POLICY RECOMMENDATIONS Policy Recommendations Strategic Actions grow housing opportunities for low-income households increase funds for affordable housing Create New Programs for Housing Preservation Increase Levels of Voter Supported Funding Measures Increase General Fund Support for Affordable Housing AffordablITY IMPACT pp. Reﬁne the incentive-zoning program (lower rate, expand area) Program with 40% reduced rate would have produced $26-40 million additional fee-in-lieu revenue since 2001 12-14 #2 • Expand the geographic reach the 12-year MFTE Program 4,477 units produced since inception. Since 2008, had MFTE expanded would have produced 317 additional units 14-16 #3 • Use public lands for aﬀordable housing production On the 32 parcels the City currently owns there is capacity to prodce 4,390 units 17-18 #4 • Create a MFTE Program for existing multifamily buildings Currently, there are 140,000 multifamily units located across 7,100 buildings in Seattle. 19-21 #5 • Create programs that preserve existing low cost housing There are 40,000 aﬀordable units nearing end of u seful life. Many of these units were built in the 1960s and 1970s, and a portion will need to be preserved in order to maintain aﬀordability. #6 • Create an extension of the MFTE program for housing preservation There are 2,580 units expiring from program over next 12 years. These will require preservation to maintain aﬀordability. #1 Refine and Expand Programs for New Affordable Housing Production • COALITION for HOUSING SOLUTIONS #7 • Increase the Seattle Housing Levy #8 • 1% for Aﬀordable Housing, or #9 • Construction-Driven Tax Revenues for Aﬀordable Housing The Housing Levy could be increased $250-300 million in additional funding above the existing $145 million over a seven-year time frame 22 23 25 Over past 10 years, program would have generated $60.6 million 26-28 Over past 10 years, program would have generated $386.4 million 26-28 Policy recommendations and ﬁgures based on ECONorthwest’s Seattle Housing Aﬀordability: Policy Framework and Recommendations report (2015). To see the full report visit coalitionforhousingsolutions.com/resources.