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Tacoma committee reopens MFTE questions: unit size, AMI levels and extensions under review
Summary
Committee members and staff examined the city’s multifamily tax-exemption (MFTE) program, discussed benchmarking and feasibility work that supported selecting 70% AMI with 20% of units as the preferred affordability target, and debated whether to limit 8-year exemptions, require larger unit sizes for family housing, or change extension standards.
City staff briefed the Government Performance & Finance Committee on Jan. 21 about the history and use of Tacoma’s multifamily tax-exemption program and the interaction between MFTE and recent land-use incentives in the homeinTacoma package.
Council Member Hines recapped changes adopted in 2021 and told the committee the city included a three-year study clause to measure results. Debbie Bingham (Community & Economic Development) and Ted Richardson (Office of Strategy) reviewed feasibility analysis and benchmarking with regional cities. Richardson explained that staff and consultants held the years of affordability and the percent of units…
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