WA ST Dept of Commerce 3/9/2022 - Laserfiche WebLink

Attachment A Step 1.1 Evaluate, update if needed, and apply 3/15/2022 4/15/2022 the Economic Feasibility Analysis in Appendix G of the Rethink Housing Action Plan as a basis for the review. Step 1.2 Review and propose adjustments to 3/15/2022 5/15/2022 the city's Multifamily Tax Exemption (MFTE) incentive program (EMC 3.78) with consideration of the 2019 JLARC evaluation of the state's program and other policy evaluations, as well as recent 2021 updates to the MFTE statute. Adjustments may include: • Revised and/or expanded target areas • Revised income qualifications thresholds for rental and owner- occupied units • Revised incentive period • New criteria for qualification, including potential incentives for larger units for larger families • Other conditions for providing affordable units Step 1.3 Review the city's height and density 3/15/2022 5/15/2022 bonus program (EMC 19.22.080) including expansion areas: ■ potential for providing additional incentives ■ income thresholds ■ the in-lieu payment program ■ competition with other public benefits; and ■ expanding the program to include density bonuses for additional zones. Step 1.4 Review the city's affordable housing 3/15/2022 4/15/2022 fee reduction and waiver program, including impact fees. Step 1.5 Prepare a list of housing development 4/15/2022 5/15/2022 incentives, including those currently in use elsewhere in Washington. Step 1.6 Analyze individual project and 4/15/2022 5/15/2022 cumulative financial impacts on city finances.