In an update, the organization says it has issued its first “request for information” for developers to identify “existing properties” Seattle Social Housing could acquire and make part of its program:
Properties that meet the RFI parameters include shovel-ready or entitled multifamily projects that face financing gaps in today’s environment; are finished or in the pre-development phase, or permit-ready. Projects must be located within the Seattle city limits. SSH is not interested in acquiring projects currently encumbered by federal or state affordability covenants (e.g., existing LIHTC properties) that would impede the agency’s ability to implement a mixed-income social housing model.
It could be an opportune time for the public developer. CHS reported here earlier this year as area developers said a confluence of challenging interest rates and uncertain economic forecasts have slowed most development to a trickle.
Seattle voters approved formation of the public developer and later a 5% tax on employers who pay any employee more than $1 million in compensation to finance the program.
In the update, Jimenez and Seattle Social Housing said the organization is preparing to receive its first revenue from the tax starting in February. The tax is expected to raise more than $50 million annually. Officials said the funding will give the development authority power to borrow enough to build or acquire 2,000 units of housing over 10 years.
Voters chose the tax over an alternative funding proposal backed by big companies like Amazon and Mayor Bruce Harrell that would have raided JumpStart revenue and powered SSH at a much smaller scale of only $10 million a year.
That rejected plan also would have restricted SSH affordable housing to only the city’s lowest income levels, a restriction social housing advocates say undermines the purpose of the program and plans for creating affordable housing across multiple tiers of income.
Earlier this year, the Seattle City Council approved a $2 million loan to fund SSH operations.
SSH’s progress represents an early opportunity for Mayor-elect Katie Wilson who will be in position to help the new organization move quickly to acquire its first properties. Wilson’s transition leadership team includes Tiffani McCoy who helped lead the House Our Neighbors effort to create and fund the Seattle Social Housing program.
With opportunities likely to abound under the current challenging economic conditions, there will also be new opportunities in the new year including WSDOT’s surplus land from 520 construction that is being lined for “affordable homeownership” in Montlake.
Jimenez says SSH has prepared by adding board members with finance, labor and urban planning backgrounds. A board development consultant was also hired and has begun leading board development trainings. It is also hiring.
“SSH plans to have its first property under contract in early 2026 and it is on target to meet this goal,” according to the update.
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