The Seattle City Council is set to approve an ordinance extending the Multifamily Housing Property Tax Exemption (MFTE) Program's sunset date from December 31, 2024, to March 31, 2025. The MFTE Program, which provides tax exemptions to multifamily property owners who agree to income and rent restrictions on a portion of their units, has been in place since 1998 and reauthorized six times. The current extension allows the Office of Housing to continue reviewing the program and submit updated legislation for reauthorization in early 2025.
Extending the MFTE Program is crucial for maintaining affordable housing in Seattle. It ensures that new multifamily developments continue to offer units at affordable rates, helping address the city's housing affordability crisis while the program undergoes further evaluation and improvements.