Ordinance 3635-18 - Laserfiche WebLink

4. Designated residential target areas. The boundaries of the designated residential target areas are located within the urban centers listed below, and as indicated on the maps in Exhibit 1. URBAN CENTER DESIGNATION Metropolitan Center Area 1 Evergreen Way Area 2 (Maps A, B & C) North Broadway Area 3 Waterfront Place Area 4 5. Project eligibility standards and guidelines. A proposed project must meet the following requirements for consideration for a property tax exemption. A. Location.The project must be located within one of the residential target areas designated in Subsection 4 and Exhibit 1. B. Size.The project must include at least eight (8) units of multifamily housing within a residential structure or as part of a mixed-use development. A minimum of four new units must be constructed or at least four additional multifamily units must be added to existing occupied multifamily housing. Existing multifamily housing that has been vacant for twelve (12) months or more does not have to provide additional units so long as the project provides at least four units of new, converted, or rehabilitated multifamily housing. C. Permanent Residential Housing.At least 50 percent (50%) of the space designated for multifamily housing must be provided for permanent residential occupancy, and only that portion of the space designated for multifamily housing shall be eligible for the exemption provided for herein. D. Tenant Displacement. If the property proposed to be rehabilitated is not vacant prior to application, an applicant must provide each existing tenant housing of comparable size, quality, and price and a reasonable opportunity to relocate. E. Compliance with Guidelines and Standards. The project shall be designed to comply with the city's comprehensive plan, building, housing, and zoning codes, and any other applicable regulations in effect at the time the application is approved. Rehabilitation and conversion improvements must comply with the city's local housing standard. New construction must comply with the current building and development codes adopted by the city. F. Affordable Housing. 1) Affordable Housing for 12-year Tax Exemption. Projects which are seeking a 12-year tax exemption shall provide 20 percent(20%) of the units as follows: a) Area 1 (Metro Everett), Area 2 (Evergreen Way) and Area 3 (North Broadway). Projects located within these areas seeking a 12-year tax exemption shall provide: i. 10 percent(10%) of the units affordable to households whose income is at or below 60 percent (60%) of the median household income adjusted for household size for Snohomish County; and ii. 10 percent (10%) of the units affordable to households whose income is at or below 80 percent (80%) of the median household income adjusted for household size for Snohomish County. Multifamily Tax Exemption 4 11/21/18