Seattles 2025 Notice of Funding Availability push to develop, preserve, and stabilize rental housing reaches 170M

Seattle's Office of Housing launched a historic $170 million funding initiative for affordable housing in 2025, the largest single-year commitment for such efforts in the city's history. Mayor Bruce Harrell underscored the importance of affordable homes in providing stability and security for families with very low incomes and those transitioning from shelters. This funding will introduce “stabilization” opportunities for financially challenged properties, alongside traditional development and preservation support. The city will assess applications based on community impact, racial equity, and strategies to prevent displacement. Developers must submit their applications by September 18, adhering to specific criteria outlined in the funding requirements.

The emphasis on projects that support marginalized communities aligns with the city's broader commitment to racial equity. Despite ongoing market challenges, affordable housing projects are moving forward with this financial backing. This initiative aims to mitigate Seattle's affordability crisis, which has become a focal point in the upcoming mayoral election.