Dear Deanima,
Thank you for posting that Forbes article which confirms the points I and others who oppose the 8-year tax exemption being proposed for expansion by Olympia.
The article says, "One program, the Multifamily Tax Exemption Program (MFTE) is a real incentive program, eliminating property taxes in exchange for including rent restricted housing in apartment developments.".
The Seattle MFTE program being extolled by the author requires "rent restricted housing" while the Olympia 8-year program does not. That is the problem.
Yes, there are 12 and 20 year MFTE programs that do provide a social benefit. That is what Tumwater uses (no 8-year market rates for them).
Thanks again Deanima. It is important for this discussion to proceed in an informed manner that it distinguishes between the 8, 12 and 20 year programs. It is the 8-year program that should be stopped, not expanded.
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