Ordinance 3635-18 - Laserfiche WebLink

b) Area 4 (Waterfront). Projects located within these areas seeking a 12-year tax exemption shall provide: i. 10 percent(10%) of the units affordable to low-income households; and ii. 10 percent(10%) of the units affordable to moderate-income households. 2) Adjustment for 3+ bedroom units.The affordable housing requirement can be met for rental occupancy, either partially or fully, for any units with three (3) or more bedrooms that are available to households whose adjusted income is at or below 80 percent (80%) of median household income adjusted for household size for Snohomish County. 3) Owner occupancy. In the case of projects intended exclusively for owner occupancy,the affordable housing requirement means residential housing that is within the means of low or moderate-income households. 4) The planning director is authorized to publish income and rent limits, including the use of rent and income calculators,to assist in implementation of these affordable housing requirements. 6. Application procedures A property owner who wishes to propose a project for a multifamily property tax exemption shall comply with the following procedures: A. Prior to the application for any building permit,the applicant shall submit an application to the planning director, on a form established by the planning director along with required application fees. B. A complete application shall contain such information as the planning director may deem necessary or useful, and shall include: 1. A brief written description of the project and preliminary schematic site and floor plans of the multifamily units and the structure(s) in which they are proposed to be located setting forth the grounds of for the exemption; 2. A brief statement setting forth the grounds for qualification for exemption; 3. A statement from the owner acknowledging the potential tax liability when the project ceases to be eligible under this ordinance; and 4. Verification by oath or affirmation of the information submitted. For rehabilitation projects,the applicant shall also submit an affidavit that existing dwelling units have been unoccupied for a period of twelve months prior to filing the application and shall secure from the city,verification of property noncompliance with the city's local housing standard. 7. Application review and issuance of conditional certificate. The planning director may certify as eligible an application which is determined to comply with the requirements of this ordinance.A decision to approve or deny an application shall be made within ninety days of receipt of a complete application. An application may be approved subject to such terms and conditions as deemed appropriate by the planning director to insure the project meets the land use regulations of the city. A. Approval. If an application is approved by the planning director, the approval,together with a contract between the applicant and the city regarding the terms and conditions of the project, signed by the applicant, shall be signed by the planning director or designee. Once the contract is fully executed, the planning director shall issue a conditional certificate of acceptance of tax exemption.The conditional certificate expires three years from the date of approval unless an extension is granted as provided in this ordinance. Multifamily Tax Exemption 5 11/21/18