NOTICE OF SEATTLE CITY COUNCIL PUBLIC HEARING ON ADOPTION OF A REVISED
MULTIFAMILY PROPERTY TAX EXEMPTION PROGRAM AND DESIGNATION OF RESIDENTIAL
TARGET AREAS FOR THE PROGRAM

The Executive is proposing adoption of a revised Multifamily Property Tax
Exemption Program that would allow new, or in certain cases rehabilitated,
multifamily housing of four or more units in certain designated
neighborhoods, to be exempt from a portion of the property tax for a period
of ten years. The exemption is intended to stimulate new construction and
rehabilitation of existing vacant and underutilized buildings for
multifamily housing in neighborhoods where such development has not been
occurring and where the neighborhoods would like to encourage new housing
opportunities.

The revised Multifamily Property Tax Exemption Program would be adopted
with the following key provisions:
· Standardized affordability requirement for all rental projects in
all program neighborhoods: either 20% of units affordable at 65% of median
income, or 30% of units affordable at 70% of median income;
· Seventeen (17) target neighborhoods, the boundaries of which can be
found in the maps available in the legislation, and online at
www.seattle.gov/housing/maps:

  1. 23rd & Union-Jackson
  2. Bitter Lake
  3. Capitol Hill
  4. Chinatown-International District
  5. Columbia City
  6. Denny Triangle
  7. First Hill
  8. MLK @ Holly
  9. North Beacon Hill
  10. North Rainier
  11. Northgate
  12. Pioneer Square
  13. Rainier Beach
  14. South Lake Union
  15. South Park
  16. University District NW
  17. Westwood-Highland Park


· Individual unit eligibility in homeownership projects, as long as
it is occupied by a household with income at or below 80% of median income;
· Issuance of Building Permit as deadline for program application
submittal; and
· Streamlined administrative process with revised fee structure to
more adequately cover the cost of administering the Program.

PUBLIC HEARING
A public hearing on the proposed legislation and designation of residential
target areas is scheduled before the City Council,s Housing, Human Services
and Community Development Committee on Tuesday, December 16, 2003 at
10:00AM in the City Council Chamber, 2nd Floor, City Hall Building, Fifth
Avenue entrance between Cherry and James Street. For those who wish to
testify, a sign-up sheet will be available outside the Council Chamber one
half hour before the public hearing. Questions concerning the public
hearing may be directed to Eric Parsons in Councilmember McIver,s office,
by calling 684-8800 or via email at eric.parsons@seattle.gov.

The City Council Chamber is accessible. Print and communications access is
provided on prior request. Please contact Councilmember McIver,s office at
684-8800 as soon as possible to request accommodation for a disability.

Written Comments
For those unable to attend the public hearing, comments will be accepted
through Monday, December 19, 2003 by 5:00 pm. Please send comments to
eric.parsons@seattle.gov or:

Councilmember Richard J. McIver
Seattle City Council
City Hall
600 Fourth Avenue
Seattle, WA 98104-1860

INFORMATION AVAILABLE
Copies of the proposed legislation and the Multifamily Tax Exemption
Program Report are available from the Office of Housing, 700 5th Avenue,
Suite 5700 in the Key Tower, 684-0362. The proposed legislation is also
available at the Seattle City Clerk,s website:
http://clerk.ci.seattle.wa.us/~public/CBOR1.htm

Questions regarding the proposed legislation or requests for electronic
copies may be directed to Eric Pravitz at 684-0362 or via email at
eric.pravitz@seattle.gov.