The Seattle Metro Chamber’s Executive Committee on June 28 voted to endorse the Seattle Housing Levy and the King County Veterans, Seniors, and Human Services Levy, following a recommendation from the Chamber’s Policy Leadership Group.
Seattle Housing Levy
If approved by voters in November, the Seattle Housing Levy renewal would authorize a property tax increase that would cost about $390 a year for the owner of a home of median value, totaling $970 million over a seven-year period.
The levy focuses its resources on those earning up to 30% of the Area Median Income, or $37,000 for a family of three. The majority of the levy ($707 million) would fund the construction of new subsidized homes the city estimates will serve more than 9,000 low-income individuals. The levy also includes a robust operations and maintenance budget ($122 million) to ensure the long-term safety and sustainability of affordable units and stabilize wages for human service workers.
The current seven-year levy set to expire at the end of 2023 exceeded three of the five primary outlined goals:
- Funding more than 2,700 new units (127% of the 2,150 goal)
- Preserving 530 rental units (151% of the 350 goal)
- Providing 370 low-income homeowners with assistance loans (132% of the 280 goal)
The 2016 levy’s operating and maintenance program kept 481 units open (94% of the 510 goal) and the homelessness prevention and housing stability program assisted 3,854 individuals and families (86% of the 4,500 goal). The current levy was approved in 2016 by 70% of Seattle voters and was endorsed by the Chamber.
Because of the positive impact this will have from a homelessness and housing perspective, the Chamber endorsed this levy.
King County Veterans, Seniors, and Human Services Levy
The King County Council in May voted unanimously to send to voters a proposal to renew the Veterans, Seniors and Human Services levy for another six years. The current levy is set to expire at the end of 2023.
According to the county, the levy would start out at the same rate of $0.10 per $1,000 of assessed value in 2024 and would be projected to generate approximately $564.7 million during the six-year period. At that rate, the levy would cost an estimated $83.75 in property tax in 2024 to the owner of a median-valued home in King County
The levy is the county’s entire human services budget – including the funding for addressing homelessness. The current levy set to expire at the end of 2023 has served over 185,000 individuals and has helped reduce veteran homelessness by 40% since 2018. If renewed, the levy will double county funding for senior services and expand investments in the human service workforce. The current levy was approved in 2017 by 69% of King County voters and was endorsed by the Seattle Chamber.
The Policy Leadership Group in June unanimously and enthusiastically recommended endorsement of this levy in 2023.
