City of Bellevue Introduces $25M in Funding to Increase Affordable Housing

The city of Bellevue has announced that it will offer nearly $25 million to help fund affordable-housing projects.

Project proposals are due by 5 p.m. on Sept. 11. A pre-application conference is required no later than Aug. 14. Up to $13.95 million is available from Bellevue’s Housing Stability Program, and up to $11 million is available from city housing reserves.

Eligible uses for HSP funds include capital for site acquisition and new construction, as well as operations, maintenance, and related on-site services for households earning less than 60% of the area median income. Projects with units for households below 30% AMI are preferred.

This year, eligible HSP projects can also qualify for up to $11 million in city housing reserves. These funds come from one-time sources and are not guaranteed in future funding rounds. For the 2026 cycle, housing reserve dollars will be awarded only to development projects that also receive HSP funding and include a proportion of units that meet HSP’s eligibility criteria.

In addition, about $7.2 million is available in the 2026 round of the ARCH Housing Trust Fund. This funding is intended to create and preserve affordable-housing projects that meet the needs of low-income households earning up to 50% of AMI in East King County, including Bellevue.

At least once a year, ARCH holds an application round for these resources in coordination with King County and the state’s Department of Commerce and the Housing Finance Commission.