HALA recommended funds for Regional Equitable Development Initiative (REDI)
SEATTLE – November 20, 2015 – (RealEstateRama) — Mayor Ed Murray submitted legislation to the City Council this week to invest an additional $1 million in land acquisition near transit hubs for affordable housing in Seattle. The Regional Equitable Development Initiative (REDI) fund creates a regional pool of resources that will be used to secure land near existing or planned high-capacity transit.
“Supporting an equitable and affordable Seattle means creating housing options near transit that working families can afford,” said Murray. “We must make the smart investment now to acquire land near transit centers, so we can locate convenient, affordable housing as our community grows.”
Implementing the REDI fund is one of the many recommendations made by the Housing Affordability and Livability Agenda committee last summer, and exemplifies Seattle’s commitment to strong regional partnerships in housing affordability issues.
“Aside from housing, transportation is a family’s greatest expense,” stated Councilmember Mike O’Brien, who promoted the allocation of City dollars for the REDI fund in the 2015 budget cycle. “Investing early on in affordable housing options near transit centers ensures we are developing our city equitably into the future.”
The idea for the REDI fund emerged from a 3-year regional planning effort, Growing Transit Communities, which concluded in 2013. The City Council authorized the $1 million in the 2015 budget and asked the Mayor and the Office of Housing to develop a Regional Compact with King County, the State of Washington, and other regional public and private partners to govern expenditure of the fund. A total of $21 million will be invested in the fund – $5 million from public sources and $16 million from private and other sources.
“Seattle, like many metropolitan areas across the country, recognizes that housing affordability is a regional issue as much as a local one,” stated Steve Walker, director of the Office of Housing. “Both Denver and San Francisco have created similar tools to acquire land for affordable housing, and have shown that this works.”
The City Council PLUS Committee will discuss the REDI fund on Dec. 1, with a vote scheduled for Dec.15.
Dana Robinson Slote (206) 615-0061
Jason Kelly (206) 684-8379