City Council approves multifamily tax exemption to make project a reality
SEATTLE - Mayor Greg Nickels praised the Seattle City Council today for approving a property tax exemption that will create 140 new rental units of affordable work force housing for families in the Bitter Lake neighborhood.
The Council voted 9-0 to approve the project’s inclusion in the city’s Multifamily Tax Exemption Program, which has now created 438 work force housing units in 17 targeted neighborhoods.
“If you work in Seattle you should be able to live in Seattle,” Nickels said. “With the help of our Multifamily Tax Exemption Program, the Bitter Lake neighborhood is trading long-vacant business structures for family-friendly housing serving Seattle’s work force.”
Multifamily tax exemption is a state program cities may utilize to encourage housing development. Though the state does not require affordable housing as part of the exemption-incentive program, the city does.
Bitter Lake Village Associates, LLC, will develop the 140-unit complex in concert with market-rate senior housing already part of the larger design for a development at 13030 Linden Ave. N. The work force housing will offer one- to three-bedroom units affordable to families making up to $46,740 a year (for a family of four).“The city has strongly marketed the Multifamily Tax Exemption Program to create housing for working families whose approximate incomes range from $32,700 to $54,530,” said Seattle Office of Housing Director Adrienne Quinn. “Both the mayor and Councilmembers liked the fact that all 140 units will be work force affordable and that the development has three-bedroom units able to accommodate larger families.”