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Lacey holds public hearing on expanding multifamily tax exemption, staff to draft ordinance
Summary
City planning staff presented options to extend the Multifamily Tax Exemption (MFTE) into the Neighborhood Commercial District and to add a longer 20-year option; council offered general support and staff will return with ordinance language for formal adoption.
City planning staff opened a public hearing Jan. 21 on a proposal to expand Lacey’s Multifamily Tax Exemption (MFTE) program into the Neighborhood Commercial District and to offer additional MFTE term options, including a 12-year option tied to 20% affordable units and a 20-year option tied to 25% permanently affordable homeownership units.
The proposal would make the MFTE—a local tax exemption designed to encourage residential development—available beyond the Woodland District and add incentives intended to increase long-term affordable housing supply. Staff told the council the 12-year option would apply where projects provide at least 20% of units as affordable at the income thresholds set in Lacey Municipal Code chapter 3.64. The 20-year option, as described by staff, would require at least 25% of units to be sold to or developed by a qualified nonprofit or government entity and…
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