King County. Subject to the provisions of Subsection III.B., King County will contribute $1 million to the REDI Fund. King County’s requirement for the use of this investment mirrors the minimum affordable housing unit requirements, as described in Section II.A., for each REDI loan. In addition, within 7 years of capitalization of the fund, some combination of projects that will create and/or preserve a minimum of 5 units affordable to 50% AMI and below, and a minimum of 15 units affordable to 30% AMI and below, must have received a REDI Fund loan within King County. In addition, through an agreement with the Puget Sound Regional Council (PSRC), King County will contribute a pass-through grant from the State of Washington in the amount of $2.5 million. The State is granting the funds for a revolving loan fund to support affordable housing opportunities near transit stations and stops that provide frequent and/or high capacity transit services and are located within the Sound Transit service area. The $2.5 million is contributed to the first tier (public top loss tier) on behalf of three participating counties, King, Pierce and Snohomish.
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Sources: Interlocal Agreement, Interlocal Agreement