Seattle City Council
11/14/2005 10:12:00 AM
Michael Fong, (206) 684-8807
RASMUSSEN PURSUES NEW FUNDING FOR AFFORDABLE HOUSING
Partnership Proposed with the Enterprise Foundation for Land Acquisition
SEATTLE – Seattle City Councilmember Tom Rasmussen will introduce a resolution today to create a partnership with the Maryland based Enterprise Foundation, to create an Affordable Housing Land Acquisition Program. Under Rasmussen’s proposal the City and the Enterprise Foundation will begin discussions to develop a program to finance the purchase of land to be used for affordable housing. (See attached Resolution).
“One of the biggest challenges to creating new affordable housing is the escalating cost of land, said Councilmember Rasmussen. “We need to find new ways to buy land now for housing to be built today and in the years to come. The cost of land is one of the biggest barriers for non-profit organizations which build housing for working families, senior citizens and the young alike.”
Councilmember Rasmussen and Doris Koo of the Enterprise Foundation met earlier this year to discuss creating a program which could make as much as $50 million available to the City of Seattle for an affordable housing land acquisition program. The Enterprise Foundation has created a similar partnership with the City of Portland and numerous cities making low-interest capital available to local non-profit organizations to secure properties and develop affordable housing.
“The Enterprise Foundation presents an exciting opportunity to bring substantial new resources to Seattle for affordable housing,” said Councilmember Rasmussen.
“Enterprise offers significant resources—during its 22 years of existence, Enterprise has invested more than $6 billion nationwide to help local communities. Creating homes that people can afford requires funding from the private and public sectors,” said Doris Koo of Enterprise. I look forward to working with Councilmember Rasmussen and Mayor Nickels to bring the resources of Enterprise to help meet the critical need for affordable housing in Seattle.”