CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE requiring owners of certain low-income housing to notify the Office of Housing and the Seattle Housing Authority of the owner's proposed sale of that housing; establishing penalties; and adding a new Chapter 22.907 to the Seattle Municipal Code.
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WHEREAS, The City of Seattle (City) is experiencing significant economic growth that is fueling job creation and population growth that is leading to a shortage of rental housing affordable to households with income under 80 percent of area median income (AMI); and
WHEREAS, existing multifamily buildings provide affordable housing options for households at or below 80 percent of AMI; and
WHEREAS, because of the economic growth, Seattle is becoming a very attractive market for investors desiring to purchase existing, affordable multifamily buildings; and
WHEREAS, the purchase of existing affordable multifamily buildings by new owners can result in rent increases due to the purchase and related property upgrades that may accompany such purchases; and
WHEREAS, the City's Office of Housing may purchase or work with housing developers to purchase existing buildings in order to preserve affordable housing units; and
WHEREAS, providing advance notice of an owner's desire to sell an existing, affordable multifamily building gives the City time to evaluate and prepare a potential purchase and sale offer for such a building; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. A new Chapter 22.907 is added to the Seattle Municipal Code as follows:
22.907 Sale of Low-Income Housing
22.907.030 Notice of proposed sale of low-income housing
Owners of a multifamily rental housing building having five or more housing units , any one of which rents for an amount that is affordable to households at or below 80 percent of area median income, as median income was most recently determin...
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