The second part of the "Grand Bargain" calls for Mandatory Inclusionary Housing (MIH) for new multifamily developments, requiring 5 to 8 percent of units be affordable for residents earning up to 60 percent of the Area Median Income (AMI) for 50 years. In 2015, 60 percent of AMI is $37,680 for an individual and $53,760 for a family of four.
"With this legislation, Seattle — for the first time ever — will require that all new development in the city will pay for affordable housing," Murray said. "This is a bold, progressive proposal where growth itself will support affordable and environmentally sustainable neighborhoods. I am eager to work with the Council as we engage the public on this proposal as it moves through the legislative process."
O'Brien, chair of the Select Committee on Housing Affordability, said that he hears all the time that people in Seattle are struggling to keep up with rising rents.
"I will be working with my colleagues on the City Council to act as swiftly as possible on the legislation behind the Grand Bargain," O'Brien said.