Jason Kelly | Washington RealEstateRama

The $24 million fund will be used to finance property acquisition and pre-development loans for developers creating and preserving affordable homes along transit corridors such as RTD's West Rail Line from downtown Denver to Golden.Today Mayor Ed Murray announced $22 million for the development and preservation of affordable housing in Seattle. The long-term loans through the Office of Housing will support the City’s priorities of reducing homelessness, supporting transit-oriented development and providing options for families of all incomes to live in Seattle.

“Through our partnerships with the non-profit community, we are building a better reality for hundreds of families and individuals,” said Murray. “Today we’re taking another step to reduce homelessness that is a biting reality on our sidewalks and we’re making families’ dreams of affordable homes come true.”

The $22 million announced today will be loaned to housing developers to build and preserve rent- and income-restricted apartments affordable to our city’s low-income residents:

– Mercy Othello Plaza: Mercy Housing’s project at the Othello light rail station will house 108 low-income families in a mix of units, including 62 two and three bedroom apartments. ($8.5 million in City funding) Read more