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Metro Everett,Incentives Proposal(Draft) <br /> o Higher density,heights and floor area ratios in Metro Everett <br /> o Greater flexibility or alternatives for on-site recreation and open space for <br /> multi-family development <br /> INCREASE THE INVENTORY OF HOUSING FOR LOW-INCOME HOUSEHOLDS <br /> At the direction of Mayor Stephanson,the City convened a task force in July 2014 to <br /> focus on street-level social issues and develop recommendations.A successful <br /> response to these issues requires a coordinated response from many parties. One of <br /> those needs is to increase the supply of shelter and permanent housing for low- <br /> income households. <br /> Incentives needed: It costs just as much,and often more,to build housing units for <br /> low-income households.The obvious difference is that low-income households <br /> cannot afford market rents.A low-income housing project must find ways to reduce <br /> or subsidize construction costs and/or operating costs to make rents affordable.The <br /> primary incentive needed is also financial. Financial incentives could include: <br /> o Expansion of the multifamily tax exemption (MFTE) program to all of <br /> Metro Everett(12-year program for low-income) <br /> o Expanding the 80%reduction of impact fees program to include utility <br /> connection charges <br /> o Pursue grant and new funding opportunities,such as: <br /> ■ Low-income housing levy <br /> ■ Regional Equitable Development Initiative (REDI) fund <br /> INCREASE TRANSIT-ORIENTED DEVELOPMENT AND REDUCTION IN SINGLE-OCCUPANT <br /> VEHICLES (SOV) <br /> The City's vision for the past twenty years-and the next twenty,is to create transit <br /> oriented mixed use commercial and residential activity centers.Metro Everett has <br /> excellent regional and local transit serving the center,and expansion of light rail is <br /> on the fall ballot. Making the metro area an attractive place to live,work and visit <br /> requires the City to reduce automobile congestion,improve the visual appearance of <br /> surface parking lots,and make the area more conducive to pedestrians,bikes and <br /> public transit. <br /> Incentives needed: The primary incentives are focused on development <br /> regulations.These incentives should reduce costs to the developer,but are not a <br /> direct financial incentive that the City would need to provide: <br /> o Provide significantly reduced parking in exchange for efforts that will <br /> measurably reduce vehicle trips <br /> o Higher density,heights and floor area ratios in Metro Everett <br /> Draft,August 23,2016 2 <br /> 9 <br />