Bellevue Allocates $30 Million to Boost Affordable Housing and Aid for Low-Income Residents

In a push to alleviate the housing squeeze, Bellevue is wheeling out a hefty sum—up to $30 million—in a twin-track bid from its Affordable Housing Fund and Housing Stability Program, aimed squarely at affordable housing developers and operators set on dropping anchors in the local market. Eligibility spans the spectrum, from the building of new projects to upkeep and essential services for those making no more than 60% of the area median income, with an express lane for applicants catering below the 30% AMI threshold, as detailed on Bellevue's official announcement.

The Housing Stability Program, bolstered by a 0.1% sales and use tax the Council gave the nod in 2022, is a pillar of this fiscal foray, offering up to $20 million lifted from city sales tax to prop up the cause for housing that reaches out to the city’s most sidelined residents, this includes capital for the building blocks from new to acquisition and also services that may not be flashy but are undeniably the glue holding housing stability together—operations, maintenance, and hands-on housing-related aid, as reported by Bellevue's press release.

Meanwhile, the Affordable Housing Fund is waving a less regular, but no less significant, checkered flag for $10 million worth of one-time funding; a patchwork of developer fee-in-lieu payments and past city budget allocations aimed at closing the gap for qualifying developers who manage to play a strong hand in the rental and homeownership game, get this—serving folks earning below 80% AMI for renters, and under 100% AMI for wannabe homeowners.

For those eyeing to toss their hat into the ring, pencil in a Sept. 9 deadline for submissions but don't forget a vital pre-application conference must happen first, no later than Aug. 22, as stipulated in the original announcement, for more details the Office of Housing’s contact Sabrina Velarde, at [email protected] or feel free to buzz her at 425-229-6511.