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Housing committee unanimously backs short extension of multifamily tax exemption deadline
Summary
The Housing and Human Services Committee voted unanimously to extend the multifamily housing property tax exemption (MFTE) program sunset from March 31, 2025, to Sept. 10, 2025, giving the Office of Housing time to review stakeholder feedback and the University of Washington evaluation.
Councilmember Andrew Moore reported to the March 3 council briefing that the Housing and Human Services Committee voted unanimously to extend the sunset date for the city’s multifamily tax exemption (MFTE) program.
The committee recommendation would amend Council Bill 120943 to move the program’s sunset from March 31, 2025, to Sept. 10, 2025. Moore said the extension is intended to give the Office of Housing time to consider stakeholder feedback and the final MFTE evaluation by University of Washington researcher Greg Colburn.
Why it matters: the MFTE program is a tool used to incentivize construction of multifamily housing. Extending the sunset date preserves the existing incentive while staff and stakeholders work on a replacement program the committee expects to introduce later in 2025.
Moore told the council the committee expects legislation for a new MFTE structure to be introduced in June with careful consideration in July. The committee vote was unanimous; no tally of committee membership was provided during the briefing. The council will consider the bill on the full council agenda as it moves through the committee and council schedule.
