Title
Discuss City Housing Incentives to Encourage Affordable Housing Projects in Olympia
Recommended Action
Committee Recommendation:
Not referred to a Committee
City Manager Recommendation:
Discuss city housing incentives to encourage affordable housing projects in Olympia.
Report
Issue:
Whether to discuss city housing incentives to encourage affordable housing projects in Olympia.
Staff Contact:
Jacinda Steltjes, Housing Manager, Community Development, 360.753.8482
Presenter(s):
Jacinda Steltjes, Housing Manager, Community Development
Background and Analysis:
The City of Olympia has taken several actions intended to expand affordable housing options, increase the supply of permanently affordable housing, and reduce barriers to build housing.
Over the past five years, affordable housing development incentives have helped the City make substantial progress toward expanding housing opportunities. These incentives are one tool the City uses to support adopted plans, including the One Community Plan (2019), Housing Action Plan (2021), and Olympia 2045 Comprehensive Plan (2025).
The City's Comprehensive Plan calls for the development of 14,295 new housing units by 2045, including 7,616 units affordable to low-income households. Since 2022, development incentives have supported and helped encourage 1,318 housing units which have been fully constructed or are currently in the permitting phase. Of those units, 947 are affordable and 371 are market rate, spread across 18 development projects.
More information about these projects can be found in the attachments titled Affordable Housing Project Summary, Affordable Housing Project Flip Book, and Multi Family Tax Exemption (MFTE) Project Summary.
Goals of Affordable Housing Incentives
The City's housing incentives encourage increased supply of affordable housing by accomplishing three primary goals:
* Reduce the up-front cost of developing affordable housing;
* Reduce the amount of time it takes a projec...
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