A special fund will be created by Olympia as a result of this sales tax for the collected money, so no money collected by Olympia as a result of this tax will go into the City's general fund.
The allocation of the proposed Housing Fund is as follows:
- Increase Housing Supply (72%): Through a competitive grant process, the sales tax provides funds to developers and nonprofits to rehabilitate, preserve, and build new affordable and supportive housing.
- Operations & Support Services (15%): Provides funds to operate the newly constructed units and to provide case management and other support for vulnerable adults and children.
- Implementation (8%): Resources for staff to develop contracts, manage the program, and conduct monitoring for compliance.
- Rent Assistance (5%): Provides funds for rent vouchers and self-sufficiency services, primarily via rapid rehousing and shelter diversion programs.