The City of Bellevue is calling for proposals from affordable housing developers and operators for its Housing Stability Program, aimed at bolstering affordable and supportive housing efforts. Announced this week, this city initiative is offering up to $10 million from sales tax revenue dedicated to housing affordability. Eligible groups interested in tapping into these funds should mark their calendars, as applications close on Tuesday, September 10, 2024. However, to enter the ring, contenders must engage in preapplication conferences by Friday, August 23, 2024.

For developers setting sights on these funds, Bellevue has directed them to an online application portal, found at Housing Stability Program. According to the city’s announcement, the allocated money can be put towards capital investments along with the operations, maintenance, and services related to building affordable and supportive housing. Applicants, however, must establish their capacity to develop, own, and operate the proposed projects to be considered for the program.

Entities eligible to apply span various sectors, encompassing nonprofit organizations, private for-profit groups, public housing authorities, public development authorities, and local government agencies. The city is showing a keen interest in partnerships that combine these different players, especially those that can showcase comprehensive capability across all project phases.

The Bellevue Housing Stability Program underscores a commitment to assist households earning below 30% of the area median income, and to address as well as prevent homelessness and housing instability. With an eye on the underserved and vulnerable segments of its population, the program aligns with broader regional efforts. Bellevue is part of A Regional Coalition for Housing (ARCH), which disburses funding across the Eastside to fulfill various cities’ affordable housing objectives. This fresh round of funding is envisioned to not only extend Bellevue’s reach but to also synergize with existing funding mechanisms.

All those who make the cut and secure funding will be facilitating Bellevue's strategies to meet the housing needs of its most at-risk residents. This initiative represents an effort by the city council and community stakeholders to bridge the growing gap in housing affordability and provide a firmer foundation for those in need.