King County Executive Dow Constantine today announced $21.3 million in grants and loans to create nearly 500 units of affordable housing and fund permanent supportive housing development across the county.

“These funds will create an estimated 600 family-wage construction jobs and boost the local economy, while providing safe and affordable housing to hundreds of local families struggling in this economy,” Constantine said, who also serves as co-chair of the Governing Board for the Committee to End Homelessness in King County. “Thanks to the strength of our regional partnerships, we move one step closer to our goal of ending homelessness in King County.”

According to the National Association of Home Builders, every 100 units of multifamily housing developed generates 122 local jobs, $7.9 million in local income and $800,000 in taxes and other revenue for local governments.

Capital dollars will help create 495 new and preserved units of affordable housing, including 225 units specifically planned for households that are homeless or at risk of homelessness. Supportive services and rental assistance funding will help end the cycle of homelessness for another 730 very vulnerable persons.

Construction of the affordable housing is funded by a variety of federal and local sources:

• The voter-approved Veterans and Human Services Levy,
• The Regional Affordable Housing Program, a dedicated local source derived from a state-authorized surcharge on document recording fees,
• Homeless Housing Act funds, a state-authorized surcharge on document recording fees specifically for homeless housing,
• Local King County Housing Innovations for Persons with Developmental Disabilities funds, and
• Federal funds administered by the King County Consortium HOME Investment Partnerships Program, whose members include King County and most cities in King County outside the City of Seattle, which receives its own federal funding.

Projects awarded funding participated in two request for proposalprocesses conducted in fall 2010. The awards respond to the most acute needs identified in the region, including the most vulnerable homeless persons and homeless young adults, while also addressing the pressing need for affordable housing throughout a number of the county’s sub-regions.

The $21.3 million administered by King County was part of a Combined Notice of Funding Availability (NOFA) for Homeless Housing announced in July 2010. This was the sixth countywide combined notice of funding availability (NOFA) process for capital, operating support, rental assistance and services funding for low-income housing and proposals that meet the goals of the 10-year plan to end homelessness.