The City of Seattle will spend $97 million in funds created through its payroll tax on high-income earners on 1,769 units of affordable housing.
, the tax applies to Seattle companies with payrolls above $7 million. Qualifying companies are taxed .7% for every employee making an annual salary above $150,000 and 1.4% above $500,000. The law has been in effect since 2020 and is projected to raise $277 million in 2022.
62% of those funds will be dedicated towards affordable housing, with other sums allocated for small business development and retention , green new deal investments , and the city council’s equitable development initiative . Last week, the city council announced 17 recipients of funds for affordable housing development, including the Filipino Community of Seattle, El Centro de la Raza, Chief Seattle Club, Downtown Emergency Services Center , Seattle Chinatown International District Preservation and Development Authority , the Low Income Housing Institute, and New Hope Community Development, among others.
“By creating a sustainable, ongoing revenue source, JumpStart will enable us to continue building out the affordable housing pipeline our community so desperately needs,” Councilmember Teresa Mosqueda, JumpStart’s sponsor, wrote in a statement.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bluejay Finance Raises $2.9 Million in Funding | HackerNoonBluejay Finance has secured $2.9 million in financing from Zee Prime Capital, C2 Ventures, Stake Capital Group, RNR Capital and Moonlanding Ventures.
Read more »
Feds, Coast Guard seize khat worth about $3.6 million at Seattle portA total of 623 boxes were seized and determined to contain roughly 20,215 pounds of khat, with an estimated street value of $3.6 million.
Read more »
Don Lee Returns for Korean Action Sequel ‘The Roundup: No Way Out’The previous film in the franchise, 'The Roundup,' has become South Korea's biggest hit of 2022, earning over $100 million.
Read more »
Billions still untapped by Texas schools to help students recover from COVID slideSchools have a once-in-a-generation infusion of massive funding to tackle a pandemic problem: millions of students struggling in school since COVID-19...
Read more »
Barclays participating in funding round for crypto firm Copper: Sky NewsBarclays is joining a funding round for crypto financial services firm Copper, which has been seeking a $500 million investment for months.
Read more »
What happens when you convert an IRA to a Roth IRA?You'll pay taxes now but have a tax-free account for later.
Read more »