Seattle’s recently created public development authority, Seattle Social Housing Developer, has acquired its first property, the 150-apartment Elara at the Market complex that sits across the street from Pike Place. 

SSHD, which was created with the passage of Initiative 135 in 2023, is tasked with increasing the city’s supply of “social housing” — publicly financed, affordable housing that mixes tenants from a range of income levels. 

SSHD paid about $60 million for the upscale Belltown community, which opened in 2018 and offers a mix of studios and one- and two-bedroom apartments, as well as “world-class amenities.” Under the SSHD model, existing residents are not displaced when the community is purchased. Rather, qualifying households will be able to sign leases as vacancies become available.  

SSHD will fill the first 15 vacancies with households at or below 30% of area median income, or $34,530 for an individual and $39,480 for a two-person household. The next 45 units will go to households earning 30% to 50% of AMI, or $57,550 for an individual and $65,800 for a two-person household. Rents will range from $665 for a studio to $1,482 for a two bedroom. Ultimately, SSHD expects to bring 60 units of affordable housing to Belltown this year. 

Additionally, SSHD will freeze rents for existing tenants for two years. The authority will also seek to get rid of hidden fees, eliminating the Ratio Utility Billing System (RUBS) and pest control and bike storage fees. Additionally, all residents will receive free one-year ORCA passes.