It’s a tax-break offer that many developers have long accepted from the city: If your project’s being built in certain areas, and you allot a certain percentage of units to a certain number of tenants at a certain income level, you can get the residential portion of your building (not the land) exempted from property taxes for 12 years. It’s called the Multi-Family Tax Exemption, and the council soon will have to decide whether to renew it for the fourth time since its inception in 1998. That discussion officially starts with a briefing during the end of this morning’s 9:30 am meeting of the council’s Housing Affordability, Human Services, and Economic Resiliency Committee. It’s a lead-up to a meeting next month at which the committee will consider legislation renewing the program.
Here’s what the committee will be shown and told this morning – first, the slide deck with stats on the program, which it says involves almost 2,000 rental units now, with almost 2,000 more “in the pipeline”:
Here’s the council-staff memo:
Wondering which West Seattle projects got the MFTE? From the newest list on the city website, dated August 14th:
*Altamira
*Blake
*Element 42
*Footprint Avalon (microhousing)
*Footprint Delridge (microhousing)
*Link
*Mural
*Nova
*Oregon 42
*Vue
*Youngstown Flats (WSB sponsor)
The list does NOT include under-construction projects that will be getting the MFTE – the program’s annual report included an expanded list that does, but only as of last December, so some might be missing. The additional projects on that list are:
*Spruce (open now so we’re not sure why it’s not on the first list)
*Admiral East Apartments (on the list as 3210 California)
*3050 Avalon (microhousing)
*Footprint’s Morgan Junction project (microhousing)
*4730 California
*Junction 47
*Trinsic West Seattle
*Lofts at The Junction
*The Whittaker
*Broadstone Sky
*6917 California
*Junction Flats
Right now, September 20th is the date for the committee to look at renewal legislation. If you’re interested in watching this morning’s discussion, the meeting will be live on Seattle Channel, cable channel 21 or online stream; it’s the last item on the agenda.
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