The City of Seattle entered into a loan agreement with the Seattle Social Housing Developer for up to $2,000,000. This advance from the General Fund will cover the developer's staffing and administrative expenses in 2025, prior to the collection of revenues from the Social Housing Tax (Initiative 137), which begins in 2026. The loan matures on December 1, 2026, and is non-revolving. Interest accrues at the City's cost of funds. Funds are to be used for the developer's operational costs and must be repaid from future Tax Revenues, with the City having the right to deduct amounts automatically. The obligation to repay constitutes a lien against the developer's right to receive Tax Revenues. The loan is conditioned on completion of previous contractual requirements related to Start-up funding. Disbursement requests, limited to $2,000,000 total, can be made monthly for eligible costs incurred within 90 days of receipt.