On March 27, 2024, the Seattle Office of Housing (OH) released $14 million in one-time Payroll Expense Tax (PET) funding to support the operating stability of OH’s housing partners and the city’s affordable housing portfolio. Affordable housing providers are currently facing significant operating challenges due to escalating costs and lost rent revenue. OH received 24 applications to the Request For Qualifications (RFQ), requesting approximately $22M in operating stabilization funding for over 10,200 affordable rental homes.

PET funding is restricted for operating and services expenses to properties serving residents earning up to 30% of Area Median Income (AMI). Funding of capital costs may be covered by PET for buildings serving residents earning up to 60% AMI. (SMC 5.38.055).

Eligible costs for this RFQ include:

• Rent arrears and/or rent assistance
• Incentives or other strategies to encourage timely rent payments
• Staffing for security and/or maintenance, janitorial, cleaning contractors
• Building maintenance and/or janitorial supplies or equipment
• Facility repairs, property damage, and remediation
• Deferred maintenance
• Deferred replacement reserve deposits
• Other capital needs
• Insurance costs
• Administrative expenses

On July 1, 2024, the Office of Housing announced a total of $14.2M in awards to the 24 organizations who applied for funding. The awards range in size from $177,000 to $900,000. Each award includes operating and service grants, and/or a capital funding amount, based on an organization’s proposal.

The application evaluation panel evaluated submissions based on criteria outlined in the RFQ, which assessed the level of financial need at the organization and of the properties in the application, the mitigation strategies employed by the organization, the number of households the funding would impact, the income levels of households served, cost reasonableness, and plans to improve operating stability.

Please see the list below for a full list of awards.