Seattle officials recently unveiled a plan to create 6,000 units of affordable housing in the city.
Some have called the measure a "grand bargain" between real estate developers and affordable housing advocates. The legislation includes a commercial linkage fee, called the Affordable Housing Impact Mitigation Program. It requires developers to pay a fee for each square foot of new commercial development.
Funds from those fees, ranging from $5 to $17 per square foot, will be used to pay for new affordable housing units. Also part of the plan is a requirement for new multifamily developments to set aside between 5% and 8% of units for affordable housing for 50 years. Residents who earn up to 60% of the area median income, currently $37,680 for individuals and $53,760 for families of four, would be eligible for the affordable units.
In addition, the city will consider increasing development capacity. In the downtown and South Lake Union areas, new developments would be permitted to have an extra 1,000 sf per floor. Outside of the main downtown area, new buildings would be permitted to add an additional story.
Related Stories
Multifamily Housing | Nov 7, 2019
Multifamily construction market remains strong heading into 2020
Fewer than one in 10 AEC firms doing multifamily work reported a decrease in proposal activity in Q3 2019, according to a PSMJ report.
| Nov 6, 2019
Solomon Cordwell Buenz opens Seattle office, headed by Nolan Sit
National design firm brings residential high-rise expertise to the Pacific Northwest
| Nov 6, 2019
Passive House senior high-rise uses structural thermal breaks to insulate steel penetrations
Built to International Passive House standards, the Corona Senior Residence in Queens, N.Y., prevents thermal bridging between interior and exterior steel structures by insulating canopies and rooftop supports where they penetrate the building envelope.
Multifamily Housing | Nov 5, 2019
The Collective Paper Factory is the co-living company’s first U.S. location
The building offers a stay model ranging from one night to 29 days.
Multifamily Housing | Nov 4, 2019
A historic ice cream factory now provides Milwaukee with affordable housing
Thanks to projects like this, the Lindsay Heights neighborhood is definitely on the upswing.
Multifamily Housing | Oct 31, 2019
Soltra at SanTan Village breaks ground in Arizona
Todd & Associates designed the project.
| Oct 30, 2019
James McHugh Construction breaks ground on 1000M, Michigan Avenue’s tallest tower to be
McHugh will start work on the 832-foot-tall residential 1000M tower in December 2019.
| Oct 30, 2019
The Beach Company acquires land for multifamily community in Chattanooga
River Rock project will add 163 apartments near the Tennessee River in Chattanooga’s downtown riverfront district.
Multifamily Housing | Oct 30, 2019
Techno-magnet: Multifamily development attracts top tech workers, students
Proto Kendall Square is wooing grad students and millennial STEM workers from what’s arguably ‘the most innovative square mile on the planet.’
Multifamily Housing | Oct 25, 2019
Chicago’s long-gestating luxury condo tower nears construction
Helmut Jahn designed the project.