SEATTLE — Seattle Mayor Bruce Harrell on Monday announced a historic $170 million investment in affordable housing — the largest single-year commitment in the city’s history.

The funding, called a Notice of Funding Availability , will support the production, preservation, and stabilization of affordable rental housing across the city. For the first time, Seattle will dedicate money to stabilize financially challenged properties in order to keep homes from being lost.

“It’s a significant investment really meeting the moment we’re in,” said Patience Malaba, executive director of the Housing Development Consortium of Seattle-King County. “We’re in an urgent need for resources to be invested in affordable housing for new production, and not only that, but to preserve the existing portfolio

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