en.Wedoany.com Reported - The Seattle City Council has approved a plan allowing the city's social housing developer (Seattle Social Housing Developer) to issue bonds, aiming to leverage additional financing for affordable housing projects.

The funding for this plan comes from a tax levied on companies where some employees earn over $1 million annually. According to a report by Randy Diamond of The Center Square, the agency received $116 million from the Seattle city government this year, but the next round of funding will not be available until 2027.

Under the amended charter, the developer can use its existing building assets as collateral for debt, which does not need to be repaid by city taxpayers. The amendment also allows the Seattle Social Housing Developer to bundle retail spaces within its acquired buildings and sell them as condominiums to private developers.

The agency has faced criticism for its decision to purchase a luxury market-rate building, where existing tenants are allowed to remain. This means that out of 150 units, only a few are actually available for applicants on the waiting list. Mike Eliason, Director of Design and Policy at the Seattle Social Housing Developer, stated that the agency plans to acquire 1,040 units and build 630 new units over the next five years.

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