Affordable Housing Investment Fund

At a glance

Based on auto-generated captions; names, numbers and details may be misheard.

What: a council-created fund, started with $10 million, that lets the city fill gaps in funding for deeply affordable housing projects quickly.
Where it stands: on November 5 the council agreed by seven thumbs to add $3.5 million of general fund surplus and to look at adding more if one-time money is left over. Council also asked for reports that separate rental from home ownership uses.
Next: adoption on November 10; further opportunities include the Sound Transit surplus land at the Marymoor Village station.

Past uses cited by staff: a $1 million contribution to the Prisma project that King County matched, $600,000 for rehabilitation of a senior housing project, and support for the Plymouth Housing and Polaris and Horizon projects at the Together Center. Staff also floated a request for proposals to recruit affordable housing developers.
Parsi asked whether a portion could support low-income home ownership; staff said they would check with ARCH. Nuevacamina wanted a larger conversation later. Seven thumbs backed reporting on both rental and ownership.
Mayor Birney said the fund gives the city speed and flexibility.

2026-11-05 - City Council Study Session Meeting - Council deliberations #4: $3.5 million from general fund surplus approved by thumbs; reporting on rental versus ownership requested.