icon-search icon-programRelatedInvestments icon-missionRelatedInvestments icon-lowIncomeHousingTaxCredit icon-technology icon-placeBased icon-loanGuarantee icon-minority icon-equityInvestments icon-close calendar chevron-thin-up chevron-thin-down chevron-thin-right chevron-thin-left icon-facebook icon-linkedin icon-twitter icon-youtube icon-caret icon-lock icon-star-in-circle heart-icon home-icon dashboard-icon messages-icon user-icon

Seattle Struck a ‘Grand Bargain’ Between Developers and Politicians For Affordable Housing Raised $68 Million

The “grand bargain” that Seattle politicians and developers struck for larger buildings and affordable housing is starting to yield some results.

Under the new Mandatory Housing Affordability program formulated in 2015, the city agreed to relax zoning restrictions in more than two dozen neighborhood hubs while requiring developers in those areas to either pay fees or include some affordable units in their own projects.

The zoning changes, which increased density and expanded some of the hubs known as “urban villages,” took a long time to implement — they occurred in 2017 and 2019 — as opponents raised concerns about displacement, parking, and other issues.

But now, with Seattle voters preparing to pick a new mayor and with City Council members laying the groundwork for additional zoning changes, there are substantial outcomes from MHA available to review at last, because the program was in effect in all of the urban villages throughout 2020.

A major take-away: The program raised $68 million in fees.

Read more from The Seattle Times here>>>