New affordable housing plan eyed
Seattle City Council member Richard McIver's proposed changes to a tax exemption plan aimed to increase the amount of affordable housing in the city would reach lower income earners than the version released by Mayor Greg Nickels last year.
But developers told council members at a recent Housing and Economic Development Committee meeting that income requirements needed to be closer to the mayor's plan in order for projects to financially work.
The current program ends next year, but a changing rental market and increasing costs for new construction has rendered it useless