Laserfiche WebLink
ORDINANCE Page 5 of 17 <br />EXHIBIT 1 <br />EVERETT MUNICIPAL CODE SECTION 3.78 AMENDMENTS <br />3.78.010 Purpose. <br />It is the purpose of this chapter to provide economic incentives enabling encourage increased residential <br />housing choices and opportunities, including affordable housing opportunities, in keeping with the goals <br />and mandates of the Growth Management Act (Chapter 36.70A RCW) and the goals, objectives, and <br />policies in the city’s Comprehensive Plan so as to stimulate the construction of new multifamily housing <br />and the rehabilitation of existing vacant and underutilized buildings for multifamily housing in the city’s <br />urban center targeted residential areas having insufficient housing opportunities. It is intended that this <br />chapter achieve the purpose and meet all required provisions and procedures set forth in Chapter 84.14 <br />RCW to comport with state law. The tax incentive provided by Chapter 84.14 RCW will stimulate the <br />creation of new and enhanced residential structures within the city’s urban center and other targeted <br />residential areas, benefiting and promoting the public health, safety and welfare by encouraging <br />residential redevelopment, assisting in supporting future population growth in designated urban centers <br />and other targeted residential areas, increasing the supply of mixed-income multifamily housing <br />opportunities within the city, and achieve development densities which are more conducive to transit <br />use in designated urban centers and other targeted residential areas. <br />3.78.020 Definitions. <br />A.“Affordable housing” means residential housing that is rented by a person or household whose <br />monthly housing costs, including utilities other than telephone, do not exceed thirty percent of the <br />household’s monthly income. For the purposes of housing intended for owner occupancy, “affordable <br />housing” means residential housing that is within the means of low- or moderate-income households. <br />B.“Area median income” means the annual median family income for Snohomish County, as published <br />from time to time by the United States Department of Housing and Urban Development (HUD), with <br />adjustments according to household size, which adjustments shall generally be based upon a method <br />used by HUD to adjust income limits for subsidized housing, which for purposes of determining <br />affordability or rents or sale prices shall be based on the average size of household that corresponds to <br />the size and type of the housing unit. <br />C.“Contract” means the standard form agreement between the owner or, for permanently affordable <br />homeownership, a qualified non-profit organization and the City that contains the terms and conditions, <br />including for each multi-family tax exempt unit as designated according to the Final Certificate, for the <br />duration of the compliance period as a condition of eligibility of the property tax exemption according to <br />this Chapter. <br />B.“High cost area” means where the third quarter median house price for the previous year as <br />reported by the Washington Center for Real Estate Research at Washington State University for <br />Snohomish County is equal to or greater than one hundred thirty percent of the statewide median <br />house price published during the same time period. <br />D. C. “Household” means a single person, family, or unrelated persons living together.