The City of Tacoma has come up with a plan to address the widespread housing issues currently plaguing many local residents. At a City Council meeting on Sept. 25, council members were presented with the Affordable Housing Action Strategy, a plan developed after receiving public comments during a period of four months.
“Affordable housing and its availability impact people in an immediate way every day. It’s because of this that the City Council and I identified this issue as a high priority,” said Mayor Victoria Woodards. “It is projected that, over the next 10 years, implementing this strategy would dramatically increase the City’s investments in new rental and homeownership opportunities and strengthen anti-displacement measures.”
According to the city’s new strategy, nearly 33,000 Tacoma households spend at least 30 percent of their income on housing each month. The strategy also states that in the past three decades, rental costs have increased by nearly 40 percent and home values nearly doubled. Those costs have increased even more quickly in the last few years.
By encouraging the preservation of current affordable housing, the creation of new affordable units, and the protection of renters, the city says its plan has the potential to produce 6,000 new affordable units, keep 2,300 existing units, and assist an additional 2,200 households, all by 2028.
The plan estimates that up to $70 million in funding over the next decade will be required to reach those milestones.
“Simply put, the city’s housing supply cannot meet the daily needs of its residents, and this needs to change,” the strategy states. “No one living in Tacoma should have to choose between paying their rent or mortgage and other necessities.”
Read the full Affordable Housing Action Strategy here.