King County Executive Dow Constantine, Rep. Jessyn Farrell, Bellevue Mayor and Sound Transit Board Member Claudia Balducci, King County Councilmember Dave Upthegrove and affordable housing leaders on Monday announced an initiative to create Transit-Oriented Developments across King County, including 700 units of affordable workforce housing.

The city of Kirkland helped to create a Transit-Oriented Development at the South Kirkland Park and Ride.

The recent work includes a Regional Equitable Development Initiative or “REDI” fund, a revolving loan bank funded by public and private partnerships which has already received contributions from Eastside cities via ARCH, Seattle, King County, the State of Washington, private foundations and others.  The fund will help purchase property near transit stations, which can be otherwise too expensive to support workforce housing. The REDI fund has currently established $18 million to buy land and buildings for 200 units of workforce and mixed-income housing.

“It is so exciting to see what is possible when we make smart investments in transit, transportation, and communities,” Balducci said. “We’re already seeing great new developments near light rail that will make affordable housing and great transportation choices available to a much wider range of people on the eastside.”

An additional $45 million in funds for the Transit-Oriented Developments will come from King County Housing Bonds. That money, which comes from lodging tax revenue, will fund 500 units of housing.
Communities will include housing, shopping, schools and job centers all centered around transit.
“Light rail has the power to transform communities. With this vision we can be deliberate about creating vibrant, walkable, economically diverse neighborhoods around new and existing stations,” Constantine said.