AN ORDINANCE relating to the Multifamily Housing Property Tax Exemption Program; amending Section 5.73.070 of the Seattle Municipal Code to temporarily allow certain extensions of the Multifamily Housing Property Tax Exemption program completion deadline as permitted by state law; and ratifying and confirming certain prior acts.
Reported the Finance and Housing. Committee Agenda Item two. Council Vote 120113. Relating to. The multifamily, housing and Property Tax Exemption Program. The committee recommends that the bill pass. Thank you so much. Councilor Mesquita, you are the chair of this committee, and I'm going to hand it over to you to provide the committee report. Thank you, Council President. Apologies, colleagues. My internet is unstable, so I am using my phone. Can you hear me? Okay? Council President. We can hear you. Go ahead. Excellent. Thank you. Call this item number two. The 120113 is the MFT extension legislation that narrowly relates to projects whose timelines have been impacted by the pandemic. The Multifamily Tax Exemption Program, which provides tax exemptions in exchange for the creation of units affordable up to 80% of the area. Median income is to be included in the new family rental housing development. This last legislative session, the state legislature made several changes to the MFA program to address a range of program issues. This legislation follows up on the state changes with a narrow focus on projects that have been impacted by COVID. We will be considering another round of MFA legislation in August to respond to other state legislative changes and. Programmatic. Updates, including considering authorizing extension for empty units that are expiring in the next couple of years to keep those units affordable. This legislation today, though, is narrowly focused on a small handful of projects that have been impacted by COVID and therefore need an additional timeline to be completed. Thank you so much, governors dinner or any additional comments on the bill. Hearing no additional comments on the bill. Well, the piece called The Roll on the Passage of the bill. Strauss Yes. Herbold Yes. Suarez, I. Lewis Yes. Morales Yes. Macheda. Hi, Peterson. Hi. So what? Yes. And Council President Gonzalez I. Nine in favor and and opposed. The bill passes and the chair will sign it will the quick piece of fix my signature to the legislation on my behalf. Item three Will the clerk please read item three into the record?