Bellevue seeks affordable housing proposals for $24. 95M

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  Bellevue's Office of Housing is requesting project proposals for up to $24.95 million in affordable housing funding“As part of an ongoing effort to increase affordable housing in Bellevue, the city’s Office of Housing is requesting project proposals from affordable housing developers and operators for up to $24.95 million in funding.”
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  $13.95 million comes from the Housing Stability Program“From the total, up to $13.95 million is available from Bellevue’s Housing Stability Program and up to $11 million is available from city housing reserves.”
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  $11 million comes from city housing reserves“up to $11 million is available from city housing reserves.”
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  Proposals are due by Sept. 11, 2026“Project proposals are due by 5 p.m. on Friday, Sept. 11.”
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  A pre-application conference is required by Aug. 14“Project proposals are due by 5 p.m. on Friday, Sept. 11, with a required pre-application conference occurring no later than Friday, Aug. 14.”
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  The Housing Stability Program is funded by a 0.1% sales tax approved in 2022“The Housing Stability Program is funded through a 0.1% sales tax required by the state and approved by the City Council in 2022.”
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  The Housing Stability Program targets housing for residents earning below 60% of area median income“Eligible uses for HSP funds include capital for site acquisition and new construction, as well as operations, maintenance and related on-site services for households earning below 60% of the area median income, with a preference for projects with units for households below 30% AMI.”
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  Preference is given to residents earning below 30% AMI“Eligible uses for HSP funds include capital for site acquisition and new construction, as well as operations, maintenance and related on-site services for households earning below 60% of the area median income, with a preference for projects with units for households below 30% AMI.”
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  Housing reserve funds come from one-time sources“These funds come from one-time sources and are not guaranteed in future funding rounds.”
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  Housing reserve funds will only be awarded to projects also receiving HSP funding“For the 2026 cycle, housing reserve dollars will only be awarded to development projects that also receive funding from the HSP and include a proportion of units that meet HSP’s eligibility criteria.”
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  Housing reserve funds will be awarded to projects meeting eligibility criteria“For the 2026 cycle, housing reserve dollars will only be awarded to development projects that also receive funding from the HSP and include a proportion of units that meet HSP’s eligibility criteria.”
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  The city aims to build or preserve 5,700 affordable units over 10 years“The city’s Affordable Housing Strategy identified a need to build or preserve 5,700 affordable units over the next 10 years, with the greatest area of need for households earning 50% or less of AMI.”
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  The city has the greatest need for households earning 50% or less of AMI“This year’s funding round, along with the city’s capital investment of $37 million in 2025, will continue to accelerate progress toward the city’s goal of expanding housing opportunities for all.ARCH: A Regional Coalition for Housing RFPIn addition, approximately $7.2 million is available in the 2026 round from the ARCH Housing Trust Fund for creating and preserving affordable housing projects that meet the needs of low-income households earning up to 50% of AMI in East King County, including Bellevue. At least once a year, ARCH holds a competitive application round for these resources, in coordination with King County and the state’s Department of Commerce and Housing Finance Commission. To learn more about the Housing Stability Program and housing reserve funds, contact Sabrina Velarde at [email protected] or visit Housing Stability Program. For information about the ARCH Housing Trust Fund, contact Chris Keneen at [email protected] or visit ARCHHousing.org/housing-trust-fund.”
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  This funding round complements a $37 million capital investment made in 2025“This year’s funding round, along with the city’s capital investment of $37 million in 2025, will continue to accelerate progress toward the city’s goal of expanding housing opportunities for all.”