Yes! for Homes – Seattle Housing Levy up for renewal on August 2 ballot

The Seattle Housing Levy is up for renewal in 2016. YCC partners support this renewal of a proven, effective, dedicated funding source for affordable housing. Learn more about the Yes! for Homes campaign. Proposition 1 invites voters to renew and expand the Housing Levy. Ballots must be mailed by August 2.

Renewing the levy will produce and preserve 2,150 affordable apartments.

The primary focus of the Housing Levy is to fund construction or rehabilitation of apartment buildings that serve low- to moderate-income individuals and families – including the elderly, disabled and mentally ill, as well as veterans suffering from physical and/or mental trauma sustained during service. Because Levy-funded housing provides affordable rents and services for at least 50 years, these units will serve thousands of individuals and families over the years.

Renewing the levy will ensure routine maintenance in 350 affordable apartments to preserve the City’s housing investment.

The Levy funds property operations and maintenance to fill the gap between operating income (rent) and expenses (utilities, maintenance, staff costs).

Renewing the levy will assist 4,500 individuals and families through rental assistance, stability services, down-payment assistance for first-time home buyers and emergency assistance for low-income homeowners.

The Housing Levy provides short-term rent assistance and stability services for families who are at imminent risk of eviction and homelessness due to illness, loss of work, or other family emergency. People can get help to stay in their housing or move to a more stable and affordable home.

Levy funding assists low- to moderate-income first-time home buyers purchasing in Seattle through down payment assistance loans. The loans are repaid when the owner sells or refinances the home, and funds revolve to assist more buyers. Through financial counseling and conventional mortgages, the program ensures households don’t buy more than they can afford. Even in these tough economic times, there have been no foreclosures among families purchasing with Levy loans.

Funds can also help low-income homeowners remain in their homes through emergency home repair grants or one-time loans to prevent foreclosure.

Since 1981, Seattle voters have approved one bond and four levies to create and preserve affordable housing. Seattle has now funded 10,000 affordable apartments for seniors, formerly homeless individuals and families, and low- to moderate-wage workers, plus provided loans to more than 600 first-time home-buyers and rental assistance to over 4,000 households.

 

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