AN ORDINANCE relating to the Multifamily Housing Property Tax Exemption Program; amending Sections 5.73.010, 5.73.020, 5.73.040, 5.73.090, 5.73.100, 5.73.105, and 5.73.110 of the Seattle Municipal Code to allow extended property tax exemptions under certain conditions; to allow exemptions for up to 20 years for permanently affordable homeownership; to add reporting requirements for permanently affordable homeownership; and to make technical changes, consistent with chapter 84.14 of the Revised Code of Washington as amended.
Agenda Item 12 Constable 120 156 Flanked the Multifamily Housing Property Tax Exemption Program, the committee recommends the bill pass. Thank you so much. I want to hand it over to Councilmember Mosquito to provide the committee report as the chair. Thank you very much, Council President. Colleagues, this is exciting. This is legislation related to. Making sure that we are. Building more affordable housing. This is narrow legislation that allows for follow up action in the state legislature this year, addressing a number of expiring multi-family tax exemption units by granting program extensions for the projects that are expiring over the next two years. This legislation will enable us to grant extensions to expiring projects so that we do not lose those affordable housing units, especially in this time of great economic instability. Caused by COVID 19. And the consequences of so many individuals. Being without income. We need to be making sure that we're creating additional housing. Units, additional affordable, affordable housing units across our city. And that we are doing. So with expediency to make sure we're bringing those housing units online as well in the future. This legislation addresses only those units that are expiring in the next two years, which applies to nine different projects. I'll also add for folks who have the chance to join us in the Finance and Housing Committee. Meeting, that there is an added. Benefit that those nine units that had previously been. Not. Necessarily needing to comply with existing MFT requirements. Are also. Now going to have additional requirements. That allow for us to have greater transparency and. Accountability. As. We seek to create more MFT compliant. Units in the future. In the two years that are. Coming up, we will have more comprehensive updates to the MFT program. This will be informed. By deep engagement with a variety of stakeholders, including the Seattle Building, Construction Trades, other labor organizations and. Our friends in the. Housing advocacy world. I want to thank Erin, House Reps Club and Office of Housing for their work on this legislation and urge your support today with more conversations coming soon. Thank you so much. Are there any additional comments on the bill. That. Have not seen any hands raised so hearing no additional comments will occur? Please call the roll on the passage of the bill somewhat. Yes. Strauss. Yes. Herbold. Yes. Suarez. Yes. Lewis. Yes. Morales. As let's get to I. Peterson. Hi. President Gonzalez. IE nine in favor and unopposed. The bill passes in the chair. We'll find out. Will the parties affix my signature to the legislation on my behalf? Well, the clerk please read item 13 into the record. 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.