On November 9, City Council approved Ordinance No. We are a pet-friendly community! The program authorizes 8, 12 and 20-year property tax exemptions to encourage the development of multifamily housing. Several issues to consider include: Appropriate targeted income level and income recertification. These amenities may not be available for every unit. [CDATA[*/ (function() { var sz = document.createElement('script'); sz.type = 'text/javascript'; sz.async = true; sz.src = '//siteimproveanalytics.com/js/siteanalyze_460.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(sz, s); })(); /*]]>*/, 2023 Washington State Department of Commerce. 707 Terry Avenue, Seattle, Washington 98104 833.922.2406 hello@museumhouseseattle.com Encore at Columbia Station has 5 parks within 3.1 miles, including Genesee Park and Playfield, Jefferson Park, and Bradner Gardens Park. Phone: (206) 684-0721 Community Relations and UW Work-Life work together to identify affordable housing options for UW employees, including properties that offer priority selection to qualified applicants who are UW Staff and UW Students. Capitol Hill: "It's one of the quirkiest, hippest and most happening neighborhoods in Seattle, chock full of some of the best restaurants, cafes, breweries, and bars in the city". Encore at Columbia Station has 2 shopping centers within 1.2 miles, which is about a 3-minute drive. <> These rent-restricted units are available only to tenants who earn less than a certain percentage of the areas median income. In Seattle, for example, these households often seek out MFTE properties and apply for available units before they can be advertised. These maximums are expressed as percentages of the area median income. 448 sqft. In these areas, approved multifamily projects are exempt from ad valorem property taxes for a period of eight or 12 years, per RCW 84.14. 944 took effect, which introduced several new updates to Shoreline's MFTE programs. For 1 Bedroom - 75% Median Income. Amenities. 4 0 obj These guidelines limit the maximum rents that may be charged, and the incomes of eligible tenants, to ensure that housing is affordable to those who need it. It includes roughly 180 properties located throughout the city, their locations, contact information and the types of units they offer. While average rents in our area declined during the pandemic, they are still among the highest in the country. 40866 (PDF)Equity Index Council Action Memorandum (PDF)Implementing 2021 changes to the MFTE program (PDF)Implementing TOD and Commercial element to the MFTE program (PDF)Removing an RTA (PDF), Application Process Overview for Program (PDF)Application (PDF)Exemption Agreement (PDF)Pro Forma (PDF)Compliance Manual (PDF)Lease-up Certification Report (PDF)Lease Rider (PDF)Annual Certification Report (PDF)Household Eligibility Certificate (PDF)Assessor MFTE Program Checklist (PDF), MFTE Workbook Full (PDF)MTFE Workbook Feedback Form, MFTE Covenant Memo (PDF)Sample MFTE Covenant (Word)MFTE Study and Guidance Initial Interview Guide (PDF)MFTE Study and Guidance Project Engagement Strategy (PDF)MFTE Study and Guidance Project Workplan (PDF), MFTE Work Plan 2021 (PDF)MFTE Guidance RFP (PDF)MFTE Stakeholder WebinarMFTE Stakeholder Webinar Slides (Power Point), 2021 MFTE Report (PDF)2020 MFTE Report (PDF)2019 MFTE Report (PDF)2010 MFTE Report (PDF), About Us In this classic Disney film, Aladdin (Pete Davidson) has some concerns about taking the next step in his relationship with Jasmine (Kim Kardashian West).Satu. Encourage the creation of mixed-income housing that is affordable to households with a range of incomes in rResidential tTargeted aAreas; 4. VIVID Roosevelt is required by the City of Seattle to re-qualify all MFTE residents every year upon renewal. By supporting mixed-income residential development in the urban centers, the MFTE program ensures affordability as the Seattle community grows. Phone Number (206) 806-7992. . The second bill would renew the city's Multifamily Tax Exemption (MFTE) a tax break for developers who include subsidized affordable units in their apartment buildings. Department of Revenue MFTE programs serve to encourage a greater diversity of housing types, including rehabilitating existing housing and redeveloping vacant and underutilized properties. Shoreline, WA 98133-4905 The MFTE program provides affordable rent, typically hundreds of dollars lower . These programs are popular with for-profit developers, who may not be familiar with affordable housing processes. Other monitoring concerns. x]mo9n -v0vI.Hv&&8V-9WUdwEzq9p$fU=UEV-EtpXIinlg,xM=w$N_%(r~_/OETF/^ &D$,.eTde_.Wi~b ={[O.^;,M|UTEd2EV!VAB4Fp$tX.WpG|e=exa mQGp(hfCD{{}+13=Q[)j1+Me?.u, =K^%\. City of Seattle MFTE homepage Spreadsheet of properties View Buildings MFTE. Questions regarding Affirmative Marketing requirements should be d For 2 Bedroom - 85% Median Income. First, some context for readers who may be unaware: The median household income (called usually the AMI, area median income) in Seattle is currently -- astonishingly -- $80,000.Which means if you have two earners at 40 hours a week earning less than $20 an hour, or a single person earning less than $39 an hour (!) Time and distance from Encore at Columbia Station. The Multifamily Property Tax Exemption (MFTE) Program provides a tax exemption on eligible multifamily housing in exchange for income- and rent-restricted units. Credits. The website focuses on the MFTE (Multifamily Tax Exemption) program because of the relatively quick application turnaround, high availability, and desirable buildings and locations. MFTE units should not be permitted to be rented with these services, as the public benefit is essentially helping to subsidize a private business. Property management education. <>/Metadata 702 0 R/ViewerPreferences 703 0 R>> I successfully included another important amendment to increase the number of setaside units. Multi-Family Tax Exemption Program The City of Seattle's Office of Housing operates the Multi-Family Tax Exemption Program (MFTE), which provides a tax exemption to developers and owners of new multi-family buildings who set aside 20-25% of their units as income-and rent-restricted. Questions regarding Affirmative Marketing requirements should be directed to Joy Hunt (joy.hunt2@seattle.gov) at 206-684-0262. Email: Housing@seattle.gov, Sign up for the latest updates from Housing. Cats Welcome. 700 5th Ave, Suite 5700, Seattle, WA, 98104 Commerce will use this work to answer frequently asked questions, support community planning, and support implementation and operating of MFTE programs throughout the state. An email will be sent several days before the webinar you have registered for with the link and other material. OH compliance staff review projects yearly and perform on-site file audits every one to three years. $2,085 2br - 892ft2 - (Seattle) $1,302 mar 2 South Facing MFTE Studio! The Multi-Family Housing Property Tax Exemption (MFTE) program began in 1995, codified as RCW 84.14, to incentivize residential development in urban centers, designated as residential targeted areas, for Washingtons largest cities. $1,410 517ft2 - (Seattle) $2,085 mar 2 2-Bedroom MFTE Home Available For Immediate Move In! If you qualify, your rental rates will be capped based upon your household income and the type of unit you rent. It is comprised of a state component at 6.5% and a local component at 1.2% - 3.8%; total 7.7% - 10.3%. This entry was posted in Financially Fit, Life Events and Changes, Whole U Program Information. Occupancy Specialist Qualifications: Must possess a working knowledge of MFTE & other affordable programs Able to interpret and understand tenant file information Proficient in Microsoft Office applications, including Excel, Word and Outlook Demonstrates strong judgement and critical thinking skills Income Guidelines . 2 0 obj The MFTE is only on the ad valorem value of improvements; the land value continues to be taxed. Studio and 1 bedroom units must be affordable to those earning 70% of the King County AMI; and. For each restricted unit, the maximum allowable income (by household size) and housing cost (by unit size) aligns with the affordability level set by covenant or other regulatory agreement. Employment Security, /* Amy Morrissey Kleppner, Articles M