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1. Purpose <br /> It is the purpose of this ordinance to encourage increased residential housing, including affordable <br /> housing opportunities, in keeping with the goals and mandates of the Growth Management Act(Chapter <br /> 36.70A RCW) so as to stimulate the construction of new multifamily housing and the rehabilitation of <br /> existing vacant and underutilized buildings for multifamily housing in the city's urban center having <br /> insufficient housing opportunities.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, benefiting and <br /> promoting the public health, safety and welfare by encouraging residential redevelopment. <br /> 2. 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, <br /> "affordable housing" means residential housing that is within the means of low-or moderate- <br /> income households. <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 /> C. "Household" means a single person, family, or unrelated persons living together. <br /> D. "Local housing standard" means the International Property maintenance Code as adopted by the <br /> city of Everett. <br /> E. "Low-income household" means a single person,family, or unrelated persons living together whose <br /> adjusted income is at or below eighty percent of the median household income adjusted for <br /> household size for the county where the project is located, as reported by the United States <br /> Department of Housing and Urban Development. If Snohomish County is designated a high-cost area <br /> under RCW 84.14.010, "low-income household" means a household that has an income at or below <br /> one hundred percent of the median household income adjusted for household size for Snohomish <br /> County. <br /> F. "Moderate-income household" means a single person, family, or unrelated persons living together <br /> whose adjusted income is more than eighty percent but is at or below one hundred fifteen percent <br /> of the median household income adjusted for household size for the county where the project is <br /> located, as reported by the United States Department of Housing and Urban Development. If <br /> Snohomish County is designated a high-cost area under RCW 84.14.010, "moderate-income <br /> household" means a household that is more than one hundred percent, but at or below one <br /> hundred fifty percent, of the median household income adjusted for household size for Snohomish <br /> County. <br /> G. "Owner" means the property owner of record. <br /> H. "Multifamily housing" and "multiple-unit housing" are used synonymously in this ordinance and <br /> mean a building having the number of dwelling units specified in Subsection 5 that are not designed <br /> or used as transient accommodations, not including hotels and motels, and designed for permanent <br /> residential occupancy resulting from new construction, rehabilitation or conversion of a vacant, <br /> underutilized or substandard building to multifamily housing. <br /> Multifamily Tax Exemption 2 11/21/18 <br />