The People's Budget
your voice, your choice
Black Home Ownership
I would like to see significant funding targeting new home buyers who are seeking financial assistance with down payments or closing costs when trying to purchase homes within King County. I would like to see those areas which have been heavily gentrified (CD, Ranier Valley area) receive the majority of funding.
This proposal is being evaluated
Type of funding: Programs and services (non-capital)
Rough cost estimate: n/a
Evaluation notes:
✅ This idea could be implemented without changing current policy or law.
✅ This idea is within the City's jurisdiction.
✅ This idea doesn't name a specific vendor.
❌ This idea would incur costs indefinitely.
Justification: Yes if the funds can only be spent within Seattle city limits. Or, alternatively, if the City allows its funds to be spent outside the city limits.
Other notes: The Office of Housing currently has a downpayment assistance program for first-time homebuyers. Assistance amount vary based on a set of criteria. Homes must be purchased within city limits and a household must earn less than 80% of the area median income.
Thank you for sharing your idea. This idea and its evaluation have been forwarded to the budget delegates. They will use this information to group together similar ideas, narrow down options based on community needs, and develop fully detailed proposals for you and your community to vote on in October 2023.
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