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:
· 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.