Council Moves to Vote on Changes to the MFTE in Downtown

The Bellevue City Council is poised to vote on significant amendments to the Multi-Family Tax Exemption (MFTE) during their session on February 5, 2018, aiming to boost developer engagement in downtown. Currently, the MFTE requires 10% of units to be affordable at 60% and another 10% at 70% of the King County median income, but the low participation in the program has necessitated a re-evaluation. The new proposal would simplify these requirements to mandate that 20% of units be available at 70% of the median income, thereby streamlining the process for developers. Furthermore, the amendments will introduce an administrative review for exceptions and modify the fee payment process. This effort aligns with Bellevue's Affordable Housing Strategy, which seeks to address the growing demand for affordable housing.

Community members are invited to provide input on the proposed changes, reinforcing the council's commitment to transparency and public involvement. Key documents related to the ordinance are available for review, ensuring that stakeholders can stay informed on the developments. The changes reflect a proactive approach to enhancing the housing landscape in Bellevue, making it a crucial topic for local residents and developers alike.