{"id":233,"date":"2006-05-18T10:25:00","date_gmt":"2006-05-18T17:25:00","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=233"},"modified":"2006-05-18T10:25:00","modified_gmt":"2006-05-18T17:25:00","slug":"tax-breaks-for-affordable-rent","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2006\/05\/18\/tax-breaks-for-affordable-rent\/","title":{"rendered":"Tax Breaks For "Affordable" Rent"},"content":{"rendered":"

Here’s an interesting\/amusing little blurb from The Stranger<\/a>:<\/p>\n

The city council’s housing committee voted May 16 to put off a motion that would grant $1.5 million in tax breaks to a University District developer in exchange for "affordable" rental units that would cost nearly $200 more than the average rent for the neighborhood. The average rent for a one-bedroom apartment is $757, according to local rental analysts Dupre + Scott.<\/p>\n

In exchange for the tax break, the developer, Lothlorien Apartments, would make 30 percent of its units "affordable" (that is, costing no more than 30 percent of a renter’s monthly income) to renters making up to 70 percent of the Seattle median, or $38,150 for one person. For a one-bedroom, that works out to $1,022 a month.<\/p><\/blockquote>\n

For most of the Seattle area, "affordable housing<\/i>" isn’t really an issue\u2014as long as you rent. In many neighborhoods rent comes in well below the 30% "affordable" threshold. Before we moved to our current free digs, my wife and I were paying just $850 per month for a nice two-bedroom townhouse in Woodinville, which figured out to under 20% of our monthly income (which consisted of only my paycheck, and was almost exactly at the median). I imagine that there is a need for more "low income" housing, but for people making the median household income down to as low as 60% of the median, there are plenty of "affordable" options.<\/p>\n

(Erica C. Barnett, The Stranger<\/a>, 05.18.2006<\/i>) <\/p>\n

\n
Seattle Bubble Tip Jar<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Here’s an interesting\/amusing little blurb from The Stranger: The city council’s housing committee voted May 16 to put off a motion that would grant $1.5 million in tax breaks to a University District developer in exchange for "affordable" rental units that would cost nearly $200 more than the average rent for the neighborhood. 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