Council Moves to Vote on Changes to the MFTE in Downtown

January 9, 2018 - by Matt Jack


Category: What's Happening

Council Moves to Vote on Changes to the MFTE in Downtown


The City Council directed staff to prepare amendments to the Multi-Family Tax Exemption (MFTE) yesterday evening at the extended study session. Council is scheduled to vote on the amendment on February 5, 2018.


Bellevue City Council

The Bellevue MFTE is a 12-year property tax exemption in exchange for 20 percent affordable housing of a development. It was implemented over a year ago, but there’s been little participation in program. As it currently stands, the MFTE is not an attractive program for Downtown developers.

The proposed ordinance would alter the language relating to the Downtown area. The current MFTE dictates that 10 percent of the units must be at 60 percent of the King County median income and another 10 percent must be at 70 percent of the King County median income. The amendment combines the two different requirements into a single required percentage. The change would require 20 percent of the units must be at 70 percent of the King County median income.

Additional items in the amendment include an administrative review for exceptions and an adjustment to the fee payment process.

The MFTE can be coupled with the 1.0 FAR affordable housing exemption that was adopted into the Downtown Land Use Code late last year.

Documents


The Council is receiving feedback from the community. If you wish to share input with the Council, please send your comments to council@bellevuewa.gov.

Adjusting the MFTE is one element of the Affordable Housing Strategy the City is pursuing to meet the demand for more affordable housing. 

Are you a BDA member interested in participating in land use advocacy work? Contact Matt Jack, BDA Policy Manager to be added to the Land Use & Livability Committee distribution list.  


 

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