Title
Briefing on Multi-Family Tax Exemption Program
Recommended Action
Committee Recommendation:
Staff report and discussion of the current Multi-Family Tax Exemption (MFTE) Program and opportunities for program changes.
City Manager Recommendation:
Provide staff with feedback and direction on the MFTE program.
Report
Issue:
Whether to receive a briefing on the current status of Olympia's Multi-Family Tax Exemption Program (MFTE), recent state research, and consideration and timing of potential changes to the program.
Staff Contact:
Cary Retlin, Housing Programs Manager, Community Planning and Development, 360.570.3956.
Presenter(s):
Cary Retlin, Housing Programs Manager
Background and Analysis:
Recently several Multi-Family Tax Exemption applications for downtown housing developments came to Council for approval. As a result, Council's Land Use and Environment Committee added this briefing to their work plan.
This presentation will provide a briefing for the committee on the state context of the MFTE and the current City program, housing developments with current exemptions in the city, and potential opportunities for changes to the program. Staff will also touch on the recent state MFTE recommendations.
Discussion of Potential MFTE Program Changes
The staff briefing will suggest areas where the Committee may consider changes - specially to stimulate more affordable housing though the MFTE program in the future. Staff feel that Olympia's MFTE has been one of several tools that have resulted in new transit-oriented housing downtown (currently 284 units in five MFTE projects) and helped incentivize the first private unsubsidized affordable housing development in Olympia (84-unit Merritt Manor). Staff will also explore the link between market rate development and affordable housing supply overall. Olympia's Comprehensive Plan set the goal of 25% of the new development in our community occurring in downtown. The MFTE has played a role in helping to...
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