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Council studies multifamily tax‑exemption updates as two large downtown projects seek support
Summary
City planning staff and economic development managers reviewed Lakewood’s multifamily tax‑exemption program on July 14, showing code updates, financial examples and two large downtown projects that developers say need the exemption to proceed.
City planning staff and economic development managers reviewed Lakewood’s multifamily tax‑exemption (MFTE) program at the July 14 study session and explained recent code updates, program benefits and two pending large projects that developers say rely on the exemption to proceed.
Why it matters: the MFTE is a long‑used municipal incentive that exempts incremental property taxes for a set period to encourage multifamily development in targeted areas. Staff told council that the program spurs private investment, increases housing supply near transit and, over the long run, expands the taxable base while also offering longer exemptions when projects include affordable units.
Director of Planning and Public Works Jeff Remag summarized the 2023 code updates (Ordinance adoption noted in the packet) that aligned the program with state requirements and local goals. Key changes cited in the packet include: exclusion of accessory dwelling…
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