City council receives Multi-Family Tax Exemption program updates - Lynnwood Today

The Lynnwood City Council convened on September 16, 2024, to receive critical updates on the Multi-Family Tax Exemption (MFTE) program, a key initiative aimed at fostering the development of affordable housing in the region. Economic Development Manager Ben Wolters provided an overview of the program's current status, highlighting its successes and areas for potential improvement. Councilmembers voiced their strong support for the MFTE, recognizing the urgent need for more affordable housing options in Lynnwood amidst rising living costs. The meeting was characterized by constructive dialogue, with council members discussing various strategies to enhance the program's effectiveness. This meeting is the first part of a two-part series, with a follow-up session scheduled to further explore the implications of the MFTE.

The council's proactive stance on housing affordability underscores its commitment to addressing the community's needs. As discussions continue, residents can expect more detailed proposals aimed at maximizing the program's benefits. The ongoing dialogue reflects a broader trend of local governments prioritizing housing initiatives in response to increasing demand.