More affordable housing near transit is the goal of a new loan fund coming online next year.
The Regional Equitable Development Initiative (REDI) Fund is a financing tool for developing affordable housing and mixed-use projects within walking distance of frequent transit service.
The REDI fund will help developers purchase key sites and existing properties for mixed-income and mixed-use development or preservation.
The idea for the REDI Fund emerged from PSRC’s Growing Transit Communities partnership in 2014.
PSRC convened an interagency working group to identify public sector sources for funding. This led to a commitment of $1 million from King County, $1 million from the City of Seattle, and $500,000 from A Regional Coalition for Housing.
A key boost came in July when the legislature approved a budget with $2.5 million for the REDI Fund.
Details on goals, terms and governance structure are being worked out by a subcommittee. It’s anticipated the REDI fund will roll out with an initial $25 million in 2016, with opportunity for expansion of the fund in the future.
You can watch the presentation on REDI at today’s Growth Management Policy Board meeting here.