City offering 30 million in Affordable Housing Fund and Housing Stability Program funding

Bellevue's Office of Housing seeks proposals from affordable housing developers for up to $30 million in funding from two programs. Applicants can submit proposals for $20 million from the Housing Stability Program and $10 million from the Affordable Housing Fund, with a deadline of September 9, 2025. A pre-application conference will take place by August 22 to assist potential applicants. The Housing Stability Program, which is supported by a 0.1% sales tax, targets projects for households earning below 60% of the area median income, prioritizing those below 30% AMI. In contrast, the Affordable Housing Fund, made up of developer fee-in-lieu payments, aims to provide gap funding for projects serving a range of income levels. This funding could help accelerate affordable housing production in the city. Eligible projects include rental units for households below 80% AMI and homeownership units for those earning below 100% AMI. For further details, developers can refer to the city's website or contact Sabrina Velarde directly.