AFFORDABLE HOUSING RECOMMENDATIONS


1. Multifamily Tax Abatement/Exemption Program

What is a multifamily tax abatement/exemption program?

The Multifamily Tax Abatement/Exemption Program provides a tax exemption on new multifamily buildings in exchange for setting aside a certain percentage of affordable units.

THE RECOMMENDATION:

All residential-portion of building value is tax exempt if at least 20% of units are affordable for a 12-year term.

The Benefits:

This type of program encourages more affordable housing options and supports mixed-income residential developments in urban areas

Anthem on 12th: An award-winning workforce housing development in Seattle financed through a Multifamily Tax Exemption Program

 

2. Mixed-use, Mixed-Income Demonstration Project

THE RECOMMENDATION:

  • Identify a site with a willing property owner or City purchase/transferrable option.
  • Actively recruit developers (non-profit; public-private).
  • Cultivate a champion who can motivate the development community and advocate for more affordable housing projects.

THE Benefits:

This type of program encourages more affordable housing options and supports mixed-income residential developments in urban areas