REDI Oversight Committee Meeting in Person and via Conference Call:
Thursday, September 13, 2018 from 1:30 to 3:00 p.m. at the City of Seattle Office of Housing, 700 5th Ave., 57th Floor, Room 5796
Conference call number: 206-386-1200, Pin: 3836562# (US)
REDI Fund for Equitable Transit-Oriented Development
The Seattle Office of Housing is one of four public funder agencies that have partnered with private funders to create a $21 million revolving acquisition loan fund for acquiring sites near high capacity and frequent transit that include affordable housing. Administered by Enterprise Community Partners, the Regional Equitable Development Initiative (REDI) Fund provides critical, early, low-cost financing for nonprofit and for-profit developers to acquire sites to preserve affordable housing or to develop new affordable and mixed-income housing. The REDI Fund is an important resource tool to help ensure that transit oriented neighborhoods in the region are equitable and economically diverse.
The REDI participating funders are
- King County, $1 million;
- City of Seattle, $1 million
- ARCH, $500,000
- Washington State, $2.5 million (via contract with King County)
- Living Cities Blended Catalyst Fund, $3.5 million
- King County Housing Authority, $2 million
- Low Income Investment Fund, $4 million
- Enterprise Community Loan Fund, $6.5 million
The REDI funder partners have agreed to a process for funder representation on the REDI Fund
Oversight Committee. The Oversight Committee will meet as needed during the year via in-person and conference call of the parties. The public is invited to listen to the meeting at the City of Seattle Municipal Tower, as detailed above.
