Seattle council member unveils plan for multi-million dollar low-income housing levy
“The levy proposes lifting the limit on property taxes for a maximum of seven years, under Revised Code of Washington 84.55. Property taxes would then be increased during those seven years to help provide housing for low-income individuals and families. This would be done in a variety of ways. The levy is currently estimated to create $138.6 million a year in funding for a seven-year total budget of $970 million. That funding will be divided up into different projects. The projects focus on different aspects of low-income housing, including affordable rental housing, rent supplementing and wage stabilization.”