Seattle's social housing program starts taking shape
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Elara at the Market is being purchased by the Seattle Social Housing Developer. Photo: Melissa Santos/Axios
Seattle's new social housing developer is buying its first building, a major milestone for the mixed-income public housing program.
Why it matters: Seattle voters have supported social housing twice at the ballot box in the past three years. Now, the program they approved is taking shape.
The program aims to create publicly owned housing that stays affordable for the long term through a mix of market-rate and low-income units.
The latest: The social housing developer announced last month that it has agreed to buy Elara at the Market, a 150-unit apartment complex in Belltown, for about $60 million.
- The deal is set to be completed by mid-June. The first tenants admitted through the program are expected to move in later this year.
- A lottery is underway to decide who will fill the first units.
How it works: The plan isn't to kick out the current Elara tenants. Rather, as units open up, they'll be filled according to the program's affordability guidelines.
By the numbers: The first 15 units will be reserved for the lowest-income households. The next 45 will go to households earning up to 50% of the area median income — up to $57,550 for an individual or $65,800 for a two-person household.
- Those rents will range from $665 for a studio to $1,482 for a two-bedroom.
- Half the units will remain market-rate, while the other half will be affordable.
Context: The mix of market-rate and affordable units is a key feature of the social housing model.
- The goal is that tenants paying higher rents help subsidize the lower rents paid by others, reducing the amount of public investment needed to run the program.
Flashback: Seattle voters first approved the creation of the social housing developer in 2023. Last year, they approved a tax on large businesses to help pay for the program.
What they're saying: "We are truly delivering on a promise," Seattle Deputy Mayor Brian Surratt said at a press conference last month. "Social housing is no longer just an idea or a campaign — it is a reality in Seattle today."
What's next: The social housing developer is working on acquiring a second building, as well as buying land to construct new family-sized units, interim CEO Tiffani McCoy told reporters last month.