The City Council recently approved $16.8 million in direct investment and $1.5 million in 10-year federal tax credits to create or preserve 876 units of affordable multifamily rental housing in nine projects throughout the city. These investments are the result of awards from the City’s Affordable Housing Trust Fund (AHTF) and Federal Low Income Housing Tax Credit programs for 2023. Together, these investments will leverage over $341.4 million in private and public resources.
The AHTF creates new and preserves existing affordable housing for low-income renters with incomes at or below 50% AMI ($62,100 per year for a family of four). Almost 75% of renters experience cost burdens (pay more than 30% of their income for housing) because of the affordable housing shortage in the city. Black, Indigenous, People of Color are disproportionately impacted by housing instability.
The AHTF program and the Federal Low Income Housing Tax Credit (HTC) program provide up front equity and gap financing to assist with the production and preservation of decent, safe and affordable multifamily rental housing.
The City Council also approved just over $16.8 million from the AHTF for the following projects: In our Northside Ward 4, 178 units, an additional $3,500,000 for the Upper Harbor Terminal Parcel 6A project which consists of deeply affordable housing including family units and 10 units reserved for homelessness. This project is the first phase of a City priority development site and is a mixed-use project.