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At the November 14, 2023, Special City Council meeting, the North Bend City Council voted unanimously to approve a resolution authorizing the purchase and sale agreement of land for the use in local affordable housing efforts. The land purchase will also provide needed homes for local workers and help ease the workforce shortage among North Bend businesses.
Following the approval of the resolution, the City entered into escrow for a property located in downtown North Bend, on Main Avenue. Funding for the property will be provided by the City’s Real Estate Excise Tax (REET 2) funds that allow land acquisition for affordable housing - (RCW) 82.46.035.
During the meeting, Economic Development Manager James Henderson presented to Council options to promote affordable housing to support local workers and businesses. In addition to the method of purchasing land for a site to accommodate affordable housing, he also discussed housing subsidies and housing rehabilitation.
Of the three alternatives proposed, property acquisition has the greatest ability to ensure long-term affordability with the least administrative burden for the City and can be used in conjunction with other tools to achieve maximum affordability.
Once the City acquires the land, they will solicit proposals from affordable housing providers to develop the property. Watch a recording of the November 14 Special City Council meeting by visiting the City’s Media Center.