SEATTLE CITY COUNCIL - Record No: CB 120943

• Record No: CB 120943
• Version: 1
• Council Bill No: CB 120943
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 3/4/2025
• Ordinance No: Ord 127187
• Title: AN ORDINANCE relating to the Multifamily Housing Property Tax Exemption Program; allowing partial property tax exemptions for commercial to multifamily housing conversion projects; allowing the property tax exemption period to be extended to 24 years for properties with Multifamily Housing Property Tax Exemption expiring end of 2025; changing the MFTE Program's sunset date to September 10, 2025; and amending Sections 5.73.010, 5.73.020, 5.73.040, 5.73.050, 5.73.070, 5.73.090, and 5.73.120 of the Seattle Municipal Code.
• Sponsors: Cathy Moore
• Supporting documents: 1. Summary and Fiscal Note, 2. Summary Att A - UW MFTE Evaluation Final Report for City of Seattle, 3. Presentation, 4. UW MFTE Report, 5. Signed Ordinance 127187

Date	Ver.	Action By	Action	Result
3/6/2025	1	City Clerk	attested by City Clerk
3/6/2025	1	Mayor	returned
3/6/2025	1	Mayor	Signed
3/6/2025	1	City Clerk	submitted for Mayor's signature
3/4/2025	1	City Council	passed	Pass
2/26/2025	1	Housing and Human Services Committee	pass	Pass
2/25/2025	1	City Council	referred
2/20/2025	1	Council President's Office	sent for review
2/12/2025	1	City Clerk	sent for review
2/12/2025	1	Mayor	Mayor's leg transmitted to Council

CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the Multifamily Housing Property Tax Exemption Program; allowing partial property tax exemptions for commercial to multifamily housing conversion projects; allowing the property tax exemption period to be extended to 24 years for properties with Multifamily Housing Property Tax Exemption expiring end of 2025; changing the MFTE Program's sunset date to September 10, 2025; and amending Sections 5.73.010, 5.73.020, 5.73.040, 5.73.050, 5.73.070, 5.73.090, and 5.73.120 of the Seattle Municipal Code.
body
WHEREAS, chapter 84.14 RCW authorizes local jurisdictions to provide 12-year (or 24-year if extended at initial expiration) multifamily property tax exemptions if, at a minimum, the owner agrees to meet the locally adopted affordability requirements for new projects, consistent with chapter 84.14 RCW, as applicable at the time of application for an exemption; and
WHEREAS, Chapter 5.73 of the Seattle Municipal Code, 2004 Multifamily Housing Property Tax Exemption Program ("MFTE Program" or "MFTE"), was adopted by Ordinance 121415 and amended by Ordinances 121700, 121915, 122730, 123550, 123727, 124724, 124877, 124919, 125932, 126278, 126392, 126443, 126792, 127016, 127084, 127108, and 127145; and
WHEREAS, unless extended by the City Council by ordinance, the MFTE Program sunsets on March 31, 2025; and
WHEREAS, using MFTE to help encourage the conversion of commercial buildings to multifamily housing will provide additional housing opportunities, including affordable housing, in Seattle; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. Section 5.73.010 of the Seattle Municipal Code, last amended by Ordinance 126443, is amended as follows:
5.73.010 Purpose
The purpose of this Chapter 5.73 is to increase ((and maintain)) affordable multifamily housing opportunities ((in new and existing multifamily housing, including through ...