The Real Estate Deal
Editor Cindy Zetts dishes on real-estate and development around Puget Sound: She lived in apartments, townhomes and houses -- a dozen of them in four states -- before settling in the Seattle area in 1997. After taking a bath on the sale of her first home, in South Florida, she vowed to wise up about real estate. She bought a house in Covington 10 years ago because, well, she could afford one there.
July 1, 2008 11:59 AM
Real-estate development: affordable housing
Posted by Cindy Zetts
Last night, Seattle City Council passed an ordinance giving tax breaks to developers who build housing the city considers affordable. It sparked much debate about the definition of "affordable," which the city says means should cost no more than 30 percent of residents' incomes.
The city expanded tax breaks for developers of housing priced for people who make 60 to 70 percent of the area's median income. It added a tax break is for those developers targeting residents who make 80 to 120 percent of the median. (See the story here.) To make up the difference, property owners in Seattle will pay more so the city doesn't lose any tax income.
Last week, I went to a community open house about economic development in my fair city of Covington. And there, too, officials and residents were talking about bringing in affordable housing.
OK, I have to confess that my first thought was this: If Covington doesn't have affordable housing, what does it have?
Granted, there are some very nice houses in and around the city, but they are certainly less expensive than many other places in King County. That, though, does not mean the city is affordable.
All of this brings me to my question(s): What do you consider "affordable housing"? Is it different than subsidized housing (such as the federal government's Section 8 program for people who earn 50 percent of the median income)? To whom should affordable housing be targeted?
Dec 1, 08 - 02:41 PM
Real-estate outlook: Is the glass half-full, half-empty or broken?
Dec 1, 08 - 01:39 PM
Lower mortgage rates means "it's a great time to buy," loan officer says
Nov 26, 08 - 07:00 PM
Real-estate facts and figures: What a week
Nov 20, 08 - 02:18 PM
Happy holidays: Fannie, Freddie postpone foreclosures until next year
Nov 20, 08 - 02:00 PM
Comptroller: Community Reinvestment Act didn't cause credit crunch

nwautos
Local riders say they've seen a surge in scooter interest in recent years, mostly from people wanting another commuting option. Seattle now ranks as o...
Post a comment
nwjobs
Post a comment
Michelle Goodman blogs about work/life balance.
Do you suffer from "sitting disease"?
Post a comment

- Illegal workers quietly let go
- Sprouts, raw fish on attorney's 'do not eat' list
- Jerry Brewer | Jerry Brewer: Seahawks can't lean on the Hutch Crutch now
- Woman stabbed by stranger in North Seattle
- Tattoos at Mill Creek church pierce skin, soul
- UW, WSU once again meet to see who's worse
- Food-safety lawyer's wish: Put me out of business
- Husky Football Blog | Ranking the Pac
- Vikings easily beat the Seahawks
- Tugboat sinks at Seattle waterfront pier
- Illegal workers quietly let go
434 - Bellevue residents blast new bikini espresso stand
233 - Big demand, grim outlook for state Basic Health Plan
176 - Jose Lopez appears to be on his way out
175 - Next Seahawks GM should be Mike Holmgren
134 - Washington State coach Paul Wulff says he's excited about Cougars' future
132 - Seattle woman charged with knife attack on boyfriend's ex
94 - Some fans at Fort Bragg see themselves in Sarah Palin
73 - Hate crimes against gays, religious groups up, FBI says
66 - Monday practice report
53
- Sprouts, raw fish on attorney's 'do not eat' list
- Tattoos at Mill Creek church pierce skin, soul
- Food-safety lawyer's wish: Put me out of business
- Illegal workers quietly let go
- Architects, chefs find 'kid' within to build Gingerbread Village
- Nicole Brodeur | Homeless woman bent on giving
- Hutch gets $10M from Bezos family for immunotherapy research
- Portland cafe's specialty: medical-marijuana tokes
- Big demand, grim outlook for state Basic Health Plan
- Rediscovering Moab, 'the most beautiful place on Earth'

February
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| 8 | 9 | 10 | 11 | 12 | 13 | 14 |
| 15 | 16 | 17 | 18 | 19 | 20 | 21 |
| 22 | 23 | 24 | 25 | 26 | 27 | 28 |






