Affordable Housing Under Development

Income Limit and Affordable Rent Examples

  City Funded, Mandatory Housing Affordability and Incentive Zoning 
Household Size Rent Limit
 Income Level 
 1 Person 
 4 Persons 
1 Bedroom 2 Bedrooms
30%  $23,250  $33,220  $622  $747
50%  $38,750  $55,350  $1,038  $1,245
60%  $46,500  $66,400  $1,162  $1,495
80%  $61,800  $88,250  $1,655  $1,986

Ex. A family of four renting a 2-bedroom at the 50% AMI level would qualify for the affordable apartment if they earned less than $55,300 per year and they would pay a maximum of $1,245 for rent per month.

Multifamily Tax Exemption
Income Level   Income Limit by Household Size    Rent Limit 
65% of AMI (Studio) $49,400 (1 person) $1,235
  75% of AMI (1-Bedroom)  $65,150 (2 people) $1,628
  85% of AMI (2-Bedroom)  $83,100 (3 people) $2,077

Definitions of Terms

Programs:

City Funded (Minimum 50 years) - City Funded buildings represent direct investments by the Seattle Office of Housing to create affordable homes.  Capital fund sources include but are not limited to the voter-approved Seattle Housing Levy, MHA and Incentive Zoning payments, special developer contributions and property sale proceeds, bond proceeds and other City financing, and federal HOME and CDBG funds. Other capital sources, such as the federal Low Income Housing Tax Credit and private financing, significantly augment City funds.

Affordable Units in Market-Rate Buildings

MFTE - Multifamily Tax Exemption program (up to 12 years) - The Multifamily Tax Exemption (MFTE) program provides a 12-year property tax exemption on residential improvements (land and commercial improvements remain subject to property taxes) to owners of multifamily rental buildings in exchange for reserving at least 20 percent of the apartments in the building as affordable.

IZ - Incentive Zoning (50 years) - The Incentive Zoning (IZ) program allows commercial and residential developers to achieve additional development capacity in exchange for providing affordable housing units (performance option) or making a payment to fund affordable housing in Seattle (payment option). Performance IZ housing units coming on-line are represented in the data reported here and must remain affordable for 50 years.

MHA - Mandatory Housing Affordability (75 years) - The Mandatory Housing Affordability (MHA) program requires most new development to include affordable homes (performance option) or contribute to a City fund for the preservation and production of affordable housing.  MHA payments are an important contributor to the City Funded housing units shown in these data; MHA performance units are attributed to the MHA program in this data set.

Development Status:

Application Submitted (MFTE only) - Office of Housing has received an application for the MFTE program. Note: Not all buildings with submitted applications participate in the MFTE program once development is completed. This data represents applications only and is an estimate of future affordable units. It is possible that not all of the affordable units presented in the data presented here will come on-line.

Pre-development - Building has received funding from the Office of Housing and is in preliminary planning stage.

In permitting - Building is in process of obtaining necessary permits to begin construction.

Under Construction - Building has a building permit and construction has begun.

Other definitions:

City Regulated - Homes regulated as rent and income restricted through regulatory agreements with the City of Seattle Office of Housing.