In 1985, Seattle adopted a new downtown plan that called for the use of TDR to achieve goals for affordable housing, historic landmarks, infill development and urban design. Beyond Takings and Givings describes the procedures used in the Seattle program and the accomplishments of the program as of 2001. Laura Hewitt Walker of the Seattle Office of Housing provided the following update of the TDR program as of 2004.
"The TDR Program has helped fund 833 units of affordable housing in 14 downtown projects since 1985. Of these, 491 units are affordable to households up to 30% of median income and 342 units are affordable to households up to 50% of median income."
"Commercial developers have used 357,104 square feet of housing TDR to build additional floor area in new downtown office and hotel towers. The City of Seattle also purchases TDR directly from owners of lots with affordable housing, which it then deposits to a TDR Bank and makes available for sale to commercial developers."
"The TDR and bonus programs have contributed over $14 million of funding for affordable housing projects in downtown Seattle to date. In light of the newly adopted emphasis of the FAR system on housing, these two programs are anticipated to contribute as much as $14 million toward the preservation and production of affordable housing in downtown in the next 10 years."
"One unique source of leverage funds in 2004 was a $5.3 million contribution for affordable housing by Washington Mutual in connection with the development of its new downtown headquarters. Washington Mutual purchased transferable development rights (TDR) that helped fund renovations of the Morrison Hotel and Plymouth on Stewart buildings and, through the Housing Bonus Program, contributed to construction of new affordable workforce housing at the Gilmore Apartments and ID Village Square II. Washington Mutual's contribution also included $1.36 million deposited to the City's TDR Bank to support future affordable housing preservation in downtown."
