What is a Housing Benefit District (HBD)?
A tool that cities and counties can use to plan for and fund land assembly and predevelopment infrastructure work for affordable housing near major transit stops. The HBD pilot program with the Cities of Everett, Renton, Shoreline, and Tacoma will be funded by a state sales tax rebate.
How does HBD benefit communities?
Communities will be able to conduct planning that ensures equitable economic outcomes, particularly for low-income households and Black, Indigenous, People of Color households. Communities will also be able to acquire land and invest in infrastructure development.
How is affordable housing development ensured?
The value accretion from jurisdictions’ investment in infrastructure, and the acquisition and assembly of parcels early in the market cycle, will enable jurisdictions to sell a majority of that land at a discount for the construction of low-income (0-80% AMI) and workforce (80- 120% AMI) housing, in accordance with affordability restrictions.
Who provides oversight and technical assistance for HBDs?
To support local communities and to ensure that station area plans are consistent with regional growth strategies and with the vision of complete communities, seven advisory board members appointed by the Governor will form a state-wide Advisory Board.