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Play May 21st recording from Presentation by Shag Resident Services Coordinator, Mona, and MSW students, Amie & Cecilia:
The Secrets of Housing 
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Housing Resources
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Tuesday, May 21, 2019 11:00 am to 12:30 pm B Building Community Room *THE SECRETS OF HOUSING Join Us! For the first of a series of "Fireside Chats" with your Resident Services Coordinator & visiting MSW students. Topics include: Section 8 housing Rent increases Assisted living Affordable housing For more information, call Mona Sanger at 206.549.4763 * Recorded |
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SHAG rental rates are kept lower than market rates with Low Income Housing Tax Credit or LIHTC. Through the program, the U.S. Treasury allocates yearly tax credits to each state. The housing finance agencies like the Washington State Housing Finance Commission (WSHFC) distributes them to developers who build housing with below market rates.
As part of the LHTC requirement, rents are lower than regular apartment housing and can only increase a modest amount each year. This "maximum allowable rent" was established by the Department of Treasury and based on 30 percent of the annual income of a family whose income equals 50 percent of the median income for the area. The April 2019 median income for King County was $108,600.
(0.3 x 0.5 x $108,600 = $16,290 per year or $1357 per month for one bedroom, presumably.)