King County Council passes plan to create $1 billion workforce housing initiative
The King County Council voted 8-1 Tuesday for a plan to create a $1 billion regional workforce housing initiative using the county's excess debt capacity to partner with housing agencies and developers to create permanently rent-restricted housing as well as the construction and sale of homes to income-qualified buyers.
The motion directs King County Executive Dow Constantine to develop an implementation plan to build the housing. Constantine has said he will do so, according to Councilmember Girmay Zahilay, the prime sponsor of the legislation. The plan and the legislation to make it possible are due back to the council by June 15.
Constantine's staff will analyze the potential effects on the county’s financial standing, including its bond rating and opportunity costs that could negatively affect the county’s work meeting low-income housing needs.
The plan is based on the belief that the region's "essential workers deserve the dignity and stability of living close to their jobs," Zahilay said.
https://www.bizjournals.com/seattle/news/2024/11/13/king-county-council-passes-plan-workforce-housing.html