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Under the 12 ~ The Tacoma City Council has taken a significant step towards addressing the need for affordable housing in the city. On June 2, they approved a resolution authorizing a new Multi-Family Housing 12-Year Limited Property Tax Exemption (MFTE) agreement. This decision will pave the way for the development of 98 multi-family market and regulated rate rental housing units in the Proctor Mixed-Use Center.
Under this new agreement, 20 percent of the development, approximately 20 units, will be reserved as affordable housing. These units will be rented to households making 70 percent or less of the Pierce County Annual Median Income, as required by the City of Tacoma.
District 1 Council Member John Hines expressed his support for this resolution, stating that it is not just about creating more housing in Tacoma, but also about creating more affordable housing in all neighborhoods across the city. He championed for the removal of the previous 8-year MFTE program from Proctor in 2022 due to its lack of affordability requirements. Hines believes that this new 12-year MFTE project is exciting because it shows that developers can make projects with affordable units work in Proctor. He is committed to ensuring that all unique and diverse neighborhoods have access to affordable housing and sees tools like the 12-Year MFTE as crucial in making that possible. Hines also emphasized that this program is not just about supporting development but also about keeping families connected, helping seniors age in place, and allowing those who work in Tacoma to live there as well.
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At-Large Council Member Kristina Walker also spoke on the importance of providing affordable housing opportunities in all neighborhoods. She noted that many new housing developments are quickly being leased upon completion, indicating a high demand for housing in Tacoma. The council is dedicated to ensuring that affordable options exist throughout the city and sees this new project as an example of their commitment.
The MFTE program is a critical economic development tool that encourages the creation of new multi-family housing in designated Residential Target Areas. This incentive exempts qualifying projects from property taxes on the assessed improvement value for 8, 12, or 20 years, depending on the level of affordability provided.
To learn more about the MFTE program and its impact on housing access in Tacoma, visit tacoma.gov/MFTE. The City Council's decision to approve this resolution marks a significant step towards addressing the need for affordable housing in Tacoma and ensuring that all neighborhoods have access to it.
Under this new agreement, 20 percent of the development, approximately 20 units, will be reserved as affordable housing. These units will be rented to households making 70 percent or less of the Pierce County Annual Median Income, as required by the City of Tacoma.
District 1 Council Member John Hines expressed his support for this resolution, stating that it is not just about creating more housing in Tacoma, but also about creating more affordable housing in all neighborhoods across the city. He championed for the removal of the previous 8-year MFTE program from Proctor in 2022 due to its lack of affordability requirements. Hines believes that this new 12-year MFTE project is exciting because it shows that developers can make projects with affordable units work in Proctor. He is committed to ensuring that all unique and diverse neighborhoods have access to affordable housing and sees tools like the 12-Year MFTE as crucial in making that possible. Hines also emphasized that this program is not just about supporting development but also about keeping families connected, helping seniors age in place, and allowing those who work in Tacoma to live there as well.
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At-Large Council Member Kristina Walker also spoke on the importance of providing affordable housing opportunities in all neighborhoods. She noted that many new housing developments are quickly being leased upon completion, indicating a high demand for housing in Tacoma. The council is dedicated to ensuring that affordable options exist throughout the city and sees this new project as an example of their commitment.
The MFTE program is a critical economic development tool that encourages the creation of new multi-family housing in designated Residential Target Areas. This incentive exempts qualifying projects from property taxes on the assessed improvement value for 8, 12, or 20 years, depending on the level of affordability provided.
To learn more about the MFTE program and its impact on housing access in Tacoma, visit tacoma.gov/MFTE. The City Council's decision to approve this resolution marks a significant step towards addressing the need for affordable housing in Tacoma and ensuring that all neighborhoods have access to it.
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