CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE relating to funding the Seattle Social Housing Developer; requesting that a special election be held on February 11, 2025 for submission to the qualified electors of the City of a proposition to fund the Seattle Social Housing Developer through the City's existing Payroll Expense Tax; amending Section 5.38.055 of the Seattle Municipal Code; proposing a ballot title; and ratifying and confirming certain prior acts.
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BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. Section 5.38.055 of the Seattle Municipal Code, last amended by Ordinance 126719, is amended as follows:
5.38.055 Payroll expense tax - Allocation of proceeds
A. Notwithstanding other provisions of this Section 5.38.055, for the first five annual budgets to which this subsection 5.38.055.A applies, and as this subsection 5.38.055.A may be subsequently renewed by future ordinance, $10,000,000 of payroll expense tax revenues is allocated for the Seattle Social Housing Developer to acquire, develop, or rehabilitate social housing and provide administrative support to the Social Housing Developer. This amount shall increase commensurate with the rate of growth of the prior year's June-to-June Consumer Price Index (CPI-U) for the Seattle-Tacoma-Bellevue area as published by the United States Department of Labor. The amounts calculated shall be rounded to the nearest whole dollar. The Office of Housing will administer the allocation. The Housing Funding Policies adopted by ordinance, as amended, apply to the allocation unless noted otherwise in this subsection 5.38.055.A.
1. Up to five percent of the total amount allocated by this subsection 5.38.055.A may be used by the Seattle Social Housing Developer to pay for its administrative costs.
2. Funds to the Seattle Social Housing Developer may be used for acquisition, construction or rehabilitation costs, including...
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