The City of Bellevue is launching a new funding opportunity to support affordable housing development, offering up to $24.95 million to qualified affordable housing developers and operators. The initiative is designed to expand housing opportunities and improve housing stability for residents facing affordability challenges.
Bellevue’s Office of Housing is accepting project proposals for the 2026 affordable housing funding round. The funding includes up to $13.95 million from the city’s Housing Stability Program (HSP) and up to $11 million from city housing reserves.
Affordable housing developers and operators must submit project proposals by 5 p.m. on Friday, September 11, 2026. A required pre-application conference must also be completed by Friday, August 14, 2026.
The Housing Stability Program is supported by a 0.1% sales tax approved by the Bellevue City Council in 2022. The program provides capital funding for affordable and supportive housing developments that serve residents experiencing the greatest housing challenges.
Eligible uses for the funding include site acquisition, new construction, operations, maintenance, and on-site services for households earning below 60% of the area median income (AMI). Projects serving households earning below 30% of AMI will receive priority consideration.
Bellevue’s housing reserve funds will provide additional support for eligible affordable housing projects by helping address development funding gaps. These one-time funds are available only during the current funding cycle and will be awarded to projects that also receive Housing Stability Program funding and meet program eligibility requirements.
The city’s Affordable Housing Strategy has identified a need to build or preserve approximately 5,700 affordable housing units over the next 10 years, with the highest demand among households earning 50% or less of the area median income. The latest funding round follows Bellevue’s $37 million affordable housing investment in 2025 as part of its ongoing efforts to expand housing access.
Additional funding is also available through the ARCH Housing Trust Fund, which is providing approximately $7.2 million in 2026 for affordable housing projects across East King County, including Bellevue. The program supports housing developments serving low-income households earning up to 50% of AMI.
Together, these investments are expected to help accelerate affordable housing development, preserve existing housing options, and provide more stable homes for Bellevue residents.
