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King County Boosts Affordable Housing Efforts

SEATTLE-Metropolitan King County Council members this week passed a measure designed to encourage and aid in the creation of affordable housing in King County. The council revised the maximum credit authority of the county's credit enhancement program.

By Gina Binole | Updated on December 14, 2001

SEATTLE-The Metropolitan King County Council this week revised the maximum credit authority of its Credit Enhancement Program in an effort to stimulate the development of affordable housing.

The maximum amount of outstanding project debt benefiting from credit enhancement was capped at $50 million. Given the success of the program, the council authorized an additional $50 million.

“The lack of living wage housing in this region is one of the greatest challenges facing King County,” says Cynthia Sullivan, chair of the council’s Growth Management and Unincorporated Areas Committee. “Forming partnerships with developers has allowed us to start working on this crisis. This measure is a positive step towards strengthening that partnership and increasing the number of affordable units in our communities.”

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