The first rental housing awards from the voter-approved 2009 Seattle Housing Levy will create and preserve more than 650 affordable apartments throughout the city

The Office of Housing announced today that nearly $23 million in capital funding will go towards creating and preserving affordable housing. Divvied up amongst eight nonprofit housing developers, the investment will help create 375 new units for seniors, homeless individuals and low-income working families. It will also be used to rehabilitate another 291 apartments currently home to seniors and people with disabilities.

“Having housing throughout our community that is affordable to people from all walks of life, people with varying economic situations, is what makes our neighborhoods vibrant and inviting,” said Deputy Mayor Darryl Smith. “This funding will help hundreds of seniors and people with disabilities remain in their current homes, put roofs over the heads of so many who are currently living on the street, plus provide new opportunities for our hard-working, low- to moderate-wage neighbors.”

Most of the funding comes from the Seattle Housing Levy, which was overwhelmingly approved for renewal by 66% of Seattle voters in November 2009. The awards, the first for rental housing from the seven-year $145 million levy administered by the Office of Housing, are the culmination of a 2010 funding process.

The funded projects represent an estimated total of almost $110 million in capital that will be a major investment in neighborhoods from North Seattle to Capitol Hill to the Rainier Valley, revitalizing the communities and providing living-wage jobs.

OH is providing funding to rehabilitate and preserve five buildings that currently house seniors and people with disabilities, plus construct one new building that will serve formerly homeless seniors.

Affordable housing for seniors is currently in high demand, and the need will grow exponentially, particularly as baby boomers age and people live longer. The population of seniors in King County is estimated to double to 480,000 by 2025, becoming 23 percent of the county’s population. According to the 2009 King County Report, Quiet Crisis: Age Wave Maxes Out Affordable Housing, King County, 2008-2025, more than 4,000 senior renters in Seattle pay more than 50 percent of their income for housing.

Seattle Housing Authority will receive up to $3 million to rehabilitate four existing senior housing projects including one 32 units in the Nelson Manor in Ballard. The current population in these apartments consists primarily of extremely low-income seniors; additionally, 10% of the units are set aside for persons with disabilities regardless of age. The buildings were originally constructed in the early 1980s with funding from the City’s first affordable housing bond. Rehabilitation of these four buildings preserves and extends the useful life of 209 units of much needed low-income housing for seniors and people with disabilities.