Should $86 Million Housing Levy increase to $145 Million?
May 4, 2009 by James
Filed under Featured, Puget Sound Region
A housing levy put into action in 2002 to assist in rental housing for people earning low wages, with disabilities, who are homeless or need emergency rent assistance to prevent homelessness, and downpayment assistance for first-time buyers expires at the end of 2009. Mayor Greg Nickels is proposing to renew the levy this November. The controversy over the subject is that the new proposal is seeking to increase the amount from the current $86 million to $145 million.
Nickels is quoted as feeling confident that voters will support the increased tax considering that, “…in hard times there’s even more need. That’s what we saw in 2002 in what was actually a worse economy locally.” However, both the Downtown Seattle Association and Greater Seattle Chamber of Commerce are asking to renew the levy, but not increase it. While Nickels is pushing for the increased tax to cater to public need during the current financial squeeze, the Association and Chamber are asking to not increase the levy due to the current financial squeeze. No one seems to be opposing the renewal as of yet.
Areas of improvement for the seven-year levy renewal include:
- $104 million affecting 1,670 rental units.
- $9.1 million in loans assisting first-time homebuyers in approximately 180 homes.
- $7.9 million dedicated to 220 apartments for disabled and elderly.
- $6.5 million to buy land or buildings for future homes.
- $4.2 million in rent assistance.
- $14 million to administrate programs.
No buyers that have been aided by the city has faced foreclosure…
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