For the first time in two decades, our state is poised to suspend the Housing Trust Fund, a key source of funding for the development and rehabilitation of affordable housing. Affordable housing developers have about 2,000 units of affordable housing ready and waiting for funding. Instead, Washington is poised to leave over 4,000 Washington residents either without homes, or in substandard housing.
Why is this penny-wise and pound foolish? For every 1,000 affordable units developed, $77 million is generated in local revenue, $22 million is generated in taxes and fees for state and local governments, $86.7 million in new personal and business income is generated, and 1,160 new jobs are created. And did I mention the 4,000 people who will have a place to live?
But no affordable housing can be developed without multiple sources of funding. If Housing Trust Fund dollars are not available, funding from sources like low‐income housing tax credits, the Seattle housing levy, federal rural development programs, and federal housing authority programs cannot be leveraged to develop housing for people in need.