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Record No: CB 118404    Version: Council Bill No: CB 118404
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 9/21/2015
Ordinance No: Ord 124861
Title: 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.
Sponsors: Tim Burgess, John Okamoto
Supporting documents: 1. Proposed Substitute CB 118404, 2. Summary and Fiscal Note v3, 3. Central Staff Memo (9/17/15), 4. Central Staff Memo (6/4/15), 5. Summary and Fiscal Note v1, 6. Summary and Fiscal Note v2, 7. Signed Ord 124861
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
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.
body
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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