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Council backs study of 12-year multifamily tax-exemption for Harbor Hill village area
Summary
Staff recommended a 12-year MFTE (multifamily tax exemption) focused on affordable rental units; council gave direction to study applying the program to the Village at Harbor Hill and return with estimates and boundary-specific tax-shift numbers.
City housing staff asked City Council on March 13 to direct them to study a multifamily tax exemption (MFTE) program and assess applying it to the Village at Harbor Hill. Shay Smiley, housing, health and human services manager, described MFTE as a state-authorized tool to incentivize multifamily development that can help the city meet state housing requirements.
Smiley said the city’s 2023 area median income (AMI) was $106,042 and outlined the MFTE options under state law: an 8‑year MFTE that requires no affordability covenant; a 12‑year MFTE that requires 20% of units to be affordable (low income defined as 80% of AMI, moderate as 115% of AMI); and a 20‑year MFTE that pairs…
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