SEATTLE CITY COUNCIL - Record No: CB 118324

• Record No: CB 118324
• Version: 2
• Council Bill No: CB 118324
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 2/23/2015
• Ordinance No: Ord 124724
• Title: AN ORDINANCE relating to the Multifamily Housing Property Tax Exemption Program; amending Subsection 5.73.040.B of the Seattle Municipal Code to differentiate small efficiency dwelling units from other dwelling units for purposes of determining affordability requirements under the Multifamily Housing Property Tax Exemption Program.
• Sponsors: Sally Clark
• Supporting documents: 1. Amendment No.pdf, 2. MFTE-SEDU Letter, 3. Fiscal Note, 4. Signed Ord 124724

Date	Ver.	Action By	Action	Result
2/27/2015	2	Mayor	Signed
2/27/2015	2	Mayor	returned
2/27/2015	2	City Clerk	attested by City Clerk
2/23/2015	2	City Clerk	submitted for Mayor's signature
2/23/2015	2	City Council	passed	Pass
2/19/2015	1	Committee on Housing Affordability, Human Services, and Economic Resiliency	pass as amended	Pass
2/2/2015	1	City Council	referred

CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the Multifamily Housing Property Tax Exemption Program; amending Subsection 5.73.040.B of the Seattle Municipal Code to differentiate small efficiency dwelling units from other dwelling units for purposes of determining affordability requirements under the Multifamily Housing Property Tax Exemption Program.
body
WHEREAS, Section 5.73.040 of the Seattle Municipal Code establishes eligibility criteria for the Multifamily Housing Property Tax Exemption (MFTE) Program; and

WHEREAS, Sections 23.42.048 and 23.84A.008 establishes a definition for small efficiency dwelling units; and

WHEREAS, small efficiency dwelling units, as defined in Sections 23.42.048 and 23.84A.008, presently qualify as studio apartments for purposes of classifying dwelling unit types in MFTE projects pursuant to Subsection 5.73.040.B; and

WHEREAS, small efficiency dwelling units typically command market-rate rents lower than the maximum Affordable Rent that may be charged for units classified as studio apartments under Subsection 5.73.040.B; and

WHEREAS, Ordinance 121415 and Ordinance 123550 request the Office of Housing to periodically prepare reports on MFTE program activity and recommend program modifications as needed;

NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:

BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. Subsection 5.73.040.B of the Seattle Municipal Code, which section was last amended by Ordinance 123727, is hereby amended as follows:
5.73.040 Eligibility((.))
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B. In addition to the requirements in subsection 5.73.040.A above, rental projects must comply with the following affordability requirements from the date of application for the Final Certificate of Tax Exemption ("Final Certificate") for the duration of the exemption period:
1. A minimum of 25 percent of any small efficiency d...