A RESOLUTION calling for research, engagement and presentation of information to the Mayor and City Council on the Multifamily Tax Exemption (MFTE) program prior to considering renewal of the program in 2023.
Agenda item 13 Resolution 32017 Calling for research, engagement and presentation of information to the Mayor and City Council on my multifamily tax exemption program. Prior to considering renewal of the program in 2023, it can be recommended if resolution be adopted as amended. Thanks so much of Indiana. Back over to Councilmember Mosquito to walk us through this resolution. Thank you very much, council president. This resolution does exactly what it says in the title. Make sure that we have additional research engagement and that we have presentation from the mayor's office to city council. As we. Consider major changes that we'd like to see for the multi-family tax exemption program by the year 2023. This resolution is a companion piece to the MFT extension legislation that we just passed and it calls for monitoring and reporting back to council. On how the. Executive plans to ensure that the program extension is going. Well, that we get feedback and engagement. From stakeholders, that we've included labor partners and housing stakeholders, so that we are all set up to weigh policy priorities and potential tradeoffs as we take on the Comprehensive Program Review in 2023. I want to thank Councilmember Herbold. For her work to enhance our report back requirements in the resolution here in front of us and know that there will be much more conversations to come about making sure that those MFC programs excuse me that the MFC program pencils out in terms of creation of additional affording affordable. Housing units and the additional. Language that was included in committee will help us make those calculations. Thanks so much, colleagues. I hope you will consider voting yes for this bill resolution. Okay. Thank you so much. Are there any comments on the resignation of some members, please? Thank you. Are there problems with the IMF fee program? It gives a tax exemption in exchange for affordable rents for 12 years. The problem is that most of the quote unquote affordable rent under this program are not really very affordable. And because it is a voluntary program for property owners, they only sign up or when their property tax exemption is greater than the discount on rent. In other words, the city could make the housing more affordable by simply collecting the taxes and using them for rent vouchers. Well, my office supports continuing the program because there are going to be thousands of people in Seattle who depend on it for their housing. And I'll be voting. Yes. Thank you. Oh, thank you, Councilor Arslan. Are there any additional comments because memorable, please. Thank you. I just want to add, in response to recording, stopped recognition, recording in progress. Okay, hold on. We had a little bit of a glitch in the system. About that glitch. I think we're still recording. Okay. Go ahead. Nothing happened. For those of you who are watching and if it may have cut out that we were in transition, go ahead, Councilmember Herbold. Thank you. Just want to highlight that one of the items that the what's before us right now is, I believe, is the resolution that sets out how we are going to make a determination of whether or not to to make changes to the program, end it or extend it, as is. And one of the specific elements in the called out in the resolution is is precisely the issue that Councilmember Swann raised. Is this to analyze this question of whether or not it would reduce the cost to the city instead of providing the tax exemption, take the dollars associated with it, the the tax exemption, the forgone taxes that the city does not collect and use some portion of those dollars to buy down the units. And we the question is whether or not we might be able to buy even greater rent affordability with an approach like that. So we want to flag that. That is one of the specific elements for for a study that's called out in this resolution. Thank you so much. Are there any additional comments on the bill that's in any other hands raised? So with that being said, we'll look at these called roll on the adoption of the resolution. So what? Yes. Strauss Yes. HERBOLD Yes. SUAREZ Yes. LEWIS Yes. Morales Yes. Let's get to I. PETERSON Hi. President Gonzalez. I line in favor and unopposed. The resolution is adopted and the chair will sign it. Will the clerk please affix my signature to the legislation on my behalf? Well, the clerk please read the short title of item 14 into the record.