The expansion of the Multi-Family Tax Exemption program approved by the Seattle City Council on June 30 allows developers a 12-year tax exemption on portions of new construction rentals and homes affordable to those earning between 80 and 90 percent of median for renters, and between 100 and 120 percent for homebuyers. ("Tax break said to spur affordability of housing" July 9.)
This puts rent below market value at around $1,140 and $1,283 a month.
A failed amendment by council member Nick Licata would have lowered income requirements and put rents between $855 and $998 a month for the subsidized portion of new developments.
Certain areas of West Seattle and Ballard, for a total of 39 Seattle neighborhoods, are eligible to participate in the program as a result of the council's vote.