A coalition of public, private and nonprofit investors has created a new financing tool that will provide critical, low-cost loans for nonprofit and for-profit developers to purchase sites near existing or emerging transit-accessible areas.

Led by Enterprise Community Partners, the $21 million revolving loan fund aims to preserve affordable housing or help develop new affordable and mixed-income housing in King, Pierce and Snohomish counties. The Regional Equitable Development Initiative Fund (REDI) emerged out of the Puget Sound Regional Council’s Growing Transit Communities Initiative, in which most REDI Fund investors were active participants. The fund comes shortly after the three counties approved a $54 billion transportation package including 10 Sound Transit rail expansion projects and three new bus rapid transit corridors that will help create more opportunities for low-income families.

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