$21 Million REDI Fund to Spur Creation of Affordable, Equitable Transit-Oriented Housing in Puget Sound Region
A new financing tool is available in the Puget Sound region to preserve and create affordable homes in transit-accessible areas for low- and moderate-income households, many of whom spend more than half of their income on housing and transportation.
Enterprise’s Pacific Northwest office is pleased to announce the launch of the Regional Equitable Development Initiative (REDI) Fund, which will provide critical, early, low-cost financing to help keep neighborhoods connected to transit economically diverse.
With affordable housing increasingly difficult to find in the Puget Sound region, especially near job centers and transit, the $21 million revolving loan fund will leverage the historic $54 billion transit buildout, including light rail expansion and recently approved future transit lines, to help increase opportunity for lower-wage households.
A collaboration of private, public and nonprofit investors came together for the creation of the fund:
- Enterprise Community Loan Fund: $6.5 million
- Low Income Investment Fund: $4 million
- Living Cities Blended Catalyst Fund: $3.5 million and staff time support
- State of Washington, $2.5 million (contributed through an agreement with King County)
- King County Housing Authority: $2 million
- City of Seattle: $1 million
- King County: $1 million
- A Regional Coalition for Housing: $500,000
The REDI fund will make available acquisition loans up to $5 million to purchase sites that support developments – including affordable housing – within one-half mile of a rail station or one-quarter mile of a frequent-service bus stop in King, Pierce or Snohomish Counties.