December 19, 2016
A new $21-million fund, courtesy of the Regional Equitable Development Initiative (REDI) has come online to help support affordable housing developments in the Seattle metropolitan statistical area. The fund came about in response to voter passage of the $53.8 billion Sound Transit 3 measure, which will add 62 miles of light rail, heavy rail and bus lines throughout the metro. However, it’s anticipated that SGT3 will also drive up cost of real estate along the new lines.
REDI is stepping in to provide early low-cost financing to develop new affordable and mixed-income housing, or even to preserve existing affordable housing. One such project is the 108-unit Mercy Othello Plaza, which is under construction next to a light rail stop in South Seattle. Apartments will rent from $450 to$1,100 a month.
For comments, questions or concerns, please contact Amy Sorter