The People's Budget

your voice, your choice

Phase 6 of 6

Implementation 11/13/2023 - 06/30/2024

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Homecoming: Black Families reclaim homeownership build safety, dignity+economic thriving

We Conceive Collective Healing

08/18/2023 02:49 PM

Evaluating

The RFP could be implemented/stewarded by the Department of Housing and/ or Department of Human Services. $50,000/$100,000 downpayment assistance for Black (ADOS) families who are first-time homebuyers at or below the AMI per family size. Funding is in ADDITION to current assistance currently available to all first-time homebuyers in the city of Seattle through the Seattle housing Levg/ downpayment assistance with community partners.

$50,000 x 25 families/year= $1,250,00/ year

$100,000 x 25 famililes/year= $2,500,000/year

= $3,750,000/year for as many years as city staff+ budget delgates consider fesible.

This proposal is being evaluated

Type of funding: Programs and services (non-capital)

Rough cost estimate: Between $2 million and $7.2 million

Evaluation notes:

❌ This idea could not 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 targeted population is removed from the proposal. All housing funds must be spent in compliance with fair housing laws.

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.