Multifamily Tax Exemption
The Multifamily Property Tax Exemption (MFTE) Program provides a tax exemption on the residential improvements on multifamily projects in residential targeted areas in exchange for setting aside 20% of the homes as income- and rent-restricted.
The MFTE program works to both encourage residential development in slow markets and to incentivize affordable housing development in more competitive markets. By supporting mixed-income residential development in the urban centers, the MFTE program contributes to Seattle's commitment to neighborhood development and community revitalization.
For developers and owners applying to the MFTE program, please contact Mike Kent at 206.684.0262 for more information.
Prospective applicants can find more information about the MFTE program and Office of Housing properties here. Current MFTE tenants can find resources on their rights and responsibilities here. Property managers can find compliance resources here. All questions related to compliance with affordability requirements should be directed to Justin Bombara, 206.233.5128.
- SMC 5.73: Multifamily Housing Property Tax Exemption Program
- RCW 84.14: New and Rehabilitated Multiple-Unit Dwellings in Urban Centers
- Directors Rule 01-2013: Verification of Number and Type of Dwelling Units
- Directors Rule 01-2009: Calculation of Maximum Rent
- Notice of Potential Changes to MFTE Residential Target Areas: Public notice and hearing