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Staff recommends Wilburton‑only MFTE supercharger plus new 8‑year option; 20‑year homeownership option and conversion eligibility also proposed
Summary
City staff presented a package of proposed changes to Bellevue's Multifamily Tax Exemption (MFTE) program, including a Wilburton 'supercharger' with a four‑year look‑back and a new 8‑year option aimed at deeper affordability.
City staff presented recommended updates to Bellevue’s Multifamily Tax Exemption (MFTE) program at a study session, proposing several new options and a phased approach to a Wilburton “supercharger” that allows mandatory affordability requirements to stack with MFTE.
Robin Zhao, affordable housing development program manager, summarized the staff package: recommended additions include a 20‑year MFTE option aimed at permanently affordable homeownership for nonprofit developers; allowing MFTE for office‑to‑residential conversions citywide; and creating an optional 8‑year MFTE program in Wilburton that requires deeper permanent affordability at lower AMI levels. Zhao also recommended allowing a Wilburton‑only supercharger that would permit double counting of required affordable units (without deeper AMI) and conducting a look‑back within four years to evaluate its impacts.
Zhao explained the policy tradeoffs staff examined: MFTE reduces or shifts property tax revenue but lowers rents for households in MFTE units and can improve overall development feasibility.…
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