These homes are available to low to moderate income households, with specific income requirements dependent on the size of the household . $1,410 517ft2 - (Seattle) $1,410 mar 2 MFTE Open 1-Bedroom Price Drop! 700 Fifth Avenue, Suite 5700 | PO Box 94725 | Seattle, WA 98124-4725 | 206-684-0721 | housing@seattle.gov | seattle.gov/housing Renter's Guide to the City of Seattle's Multifamily Tax Exemption Incentive Zoning and Mandatory Housing Affordability Programs . Visit the citys website to compare your household income with the current MFTE income and rent limits. Please register using the links below. MFTE units should not be permitted to be rented with these services, as the public benefit is essentially helping to subsidize a private business. There are many arguments for and against allowing students to qualify for MFTE units, and programs on both sides of the fence. In order to qualify for MFTE homes at STAZIONE25, household income must be below 65% of the area median income for Studios, below 75 . You may qualify for an income limited home if your household income is at or below the following limits*: Household Size. We are a pet-friendly community! 2 bedroom or larger units must be affordable to those earning 80% of the King County AMI. As a result, regular monitoring is important to identify noncompliance, whether by mistake or intent. MFTE and Incentive Zoning Compliance The Seattle Office of Housing monitors multifamily properties with commitments through the Multifamily Tax Exemption (MFTE), Mandatory Housing Affordability (MHA) and Incentive Zoning (IZ or Housing Bonus) programs. Studio and 1 bedroom units must be affordable to those earning 70% of the King County AMI; and. At Bridges, for example, the REA and income verification are a one-time process that will qualify you for the program as long as you stay in your assigned MFTE unit. Renters interested in applying for properties should review the materials under Private Apartment Buildings on the Office of Housing Find Housing page. To see if there are MFTE properties where you want to live, see the list of MFTE properties on the citys website. The MFTE program provides affordable rent, typically hundreds of dollars lower . PO Box 94725, Seattle, WA , 98124-4725 For 2 Bedroom - 85% Median Income. Managing housing costs is one way to stay financially fit. Download the Initial Application to the MFTE Program below. 5 or more years of experience working in the Low Income Housing Tax Credit (LIHTC) program, particularly in Washington or Hawaii; Tax Credit Specialist, CP3, or HCCP designation; Certified Occupancy Speciialist (COS) or comparable designation; Working knowledge of local programs such as the City of Seattle's MFTE program; Tenants incomes can rise over time, but there should be a cap established. If you qualify, your rental rates will be capped based upon your household income and the type of unit you rent. In this case, the property manager may have no idea this is happening, and it may be a good idea for city staff to monitor these kinds of sites for MFTE properties. By clicking on the links below, one can view maps that determine whether one's parcel falls within a MFTE area. The Seattle Office of Housing monitors multifamily properties with commitments through the Multifamily Tax Exemption (MFTE), Mandatory Housing Affordability (MHA) and Incentive Zoning (IZ or Housing Bonus) programs. Skip to main content Toggle Navigation. After completing the project, the applicant must apply for a Final Certificate of MFTE; once received, the actual exemption period begins on the next full calendar year. Please refer to the following documents for more information on affirmative marketing and how to comply with these requirements. Latest News. Email: Housing@seattle.gov, Sign up for the latest updates from Housing. If the cosigner does not meet any one (1) of the criteria, the cosigner will not qualify. Seattles Office of Housing website includes full details about the program, including answers to frequently asked questions about MFTE, but the team at Bridges @ 11th shared some MFTE highlights to help you determine if the program may be right for you and walk you through the typical MFTE process. Applicants must apply for a Conditional Certificate of MFTE prior to receiving building permits. Employee Resources, Serving Communities (Page last updated 6/12/2019). This property participates in the City of Seattle Multifamily Property Tax Exemption (MFTE) Program. Contact us|Sign up for our newsletter The City of Seattles Office of Housing operates the Multi-Family Tax Exemption Program (MFTE), which provides a tax exemption to developers and owners of new multi-family buildings who set aside 20-25% of their units as income-and rent-restricted. Seattle (September 24) - Seattle Mayor Jenny A. Durkan today signed into law her plan to renew and expand the Multifamily Tax Exemption (MFTE) program that provides affordable rent to Seattle families and held a swearing-in ceremony for Emily Alvarado, the new permanent Director of the City's Office of Housing.. The neighborhood is expensive (as is the case in a lot of Seattle), but there are some MFTE units in the building, which are a bit more affordable. Phone: (206) 684-0721 July 19, 2017. To access the information, click on the link to the recording. City of Seattle MFTE homepage Spreadsheet of properties View Buildings State law sets specific standards as to what can qualify as a target area, detailed below. Phone Number (206) 806-7992. . Contact Us Multi-Family Tax Exemption Program The City of Seattle's Office of Housing operates the Multi-Family Tax Exemption Program (MFTE), which provides a tax exemption to developers and owners of new multi-family buildings who set aside 20-25% of their units as income-and rent-restricted. While average rents in our area declined during the pandemic, they are still among the highest in the country. We do not accept Comprehensive Reusable Tenant Screening Reports as defined by and pursuant to RCW 59.18.030. Owners/developers applying to participate in the MFTE program must commit to implement an Affirmative Marketing Plan. For 1 Bedroom - 75% Median Income. Copyright 2023 Seattle Housing Authority, Income level - Housing Choice Voucher program, Commercial space available in Seattle Housing Authority community - NewHolly Family building - Childcare Space, Accidental Death and Dismemberment Insurance, Housing Authority Insurance Group Life Insurance, Multi-Family Tax Exemption Program (MFTE), Property Managers can send their completed. Between 2007 and 2018, 424 developments throughout Washington State received MFTE exemption. There is a select number of homes in this property that are part of this program. Have applicants disclose all income sources onResident Eligibility Application (REA), Obtaindocumentationfor each income source and asset disclosed by applicant, Calculate total household income from source documentationand enter into Household Eligibility Certification (HEC), Rainier Valley Affordable Homeownership Initiative, 2022 MFTE/IZ/MHA Annual Property Cerification Form, Renter's Guide to the City of Seattle's MFTE and IZ Programs, HUD 4350.3 REV-1Chapter 5 Determining Income and Calculating Rent, Fair Housing in Washington State for Property Owners and Managers, Household Eligibility Certification (HEC), 700 5th Ave, Suite 5700, Seattle, WA, 98104, Incentive zoning compliance for property managers, Read Seattle laws for renters and landlords, Seattle Office of Housing programs primarily use the Seattle Housing Authority's (SHA) utility allowance when determining maximum rent levels (see Income & Rent Limits). You will be able to apply for: Up to two properties from the Low-Income Public Housing program. These guidelines limit the maximum rents that may be charged, and the incomes of eligible tenants, to ensure that housing is affordable to those who need it. <> 8228 Green Lake Drive North Seattle, WA 98103. In Snohomish County, MFTE programs are allowedin cities with a minimum population of 5,000. Please get in touch with our leasing team with any questions on how to qualify for these homes. For rental properties in Seattle, effective February 19, 2018 landlords can no longer . Management maintains the building clean. Address: Careful research should be done to establish an appropriateincome progression cap where market rents become accessible. Commerce will use this work to answer frequently asked questions, support community planning, and support implementation and operating of MFTE programs throughout the state. Have no more than 10 people. It is comprised of a state component at 6.5% and a local component at 1.2% - 3.8%; total 7.7% - 10.3%. 2023 AHA. By supporting mixed-income residential development in the urban centers, the MFTE program ensures affordability as the Seattle community grows. Under a Multifamily Tax Exemption (MFTE), cities define residential target areas with insufficient housing opportunities where development is eligible for MFTE. Privacy Policy | 2021-2023 MFTE Program Work Plan These homes are open to all prospective residents that meet the propertys rental screening criteria and are determined to be income eligible for the MFTE program. Property managers must ensure that all participating units meet affordability restrictions, determine income eligibility of all resident households, and calculate rents in accordance with program requirements. 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