Are you looking for affordable housing options in Seattle? The city's Multifamily Property Tax Exemption (MFTE) program might be the solution you've been searching for. At Link and Mural, we believe in providing affordable housing options to everyone. Here's what you need to know about the MFTE program and how it might help you find two-bedroom apartments in Seattle at a more manageable price.

What is the MFTE Program?

The MFTE program started in 1995 to incentivize residential development in urban centers. It offers property tax exemptions to multifamily housing developers in exchange for creating income- and rent-restricted homes.

This means that property owners who participate in the program receive a tax break, provided they designate a percentage of their units as affordable housing. This initiative not only stimulates the construction of new multifamily buildings but also ensures the availability of more affordable rental options in the city.

How Does The MFTE Program Work?

To qualify for the tax exemption, at least 20% of the units in a multifamily building must be rented to households earning between 65% and 85% of the median household income. The tax exemption period can range from 8 to 20 years, depending on the agreement with the city.

This program allows developers to build properties with reduced tax burdens, which they can then pass on to renters through lower rents. This results in modern, rent-reduced apartments in Seattle accessible to a broader demographic.

Benefits for Renters

For renters, this program translates into more affordable living options in a city where the cost of living is generally high. Renters can find various modern, rent-reduced apartments through the MFTE program, providing quality housing without breaking the bank. The program facilitates establishing a heterogeneous community by enabling individuals with varying incomes to reside in urban areas.

Find Affordable Housing With Link and Mural

The MFTE program is a win-win initiative that benefits property developers and renters. The city encourages affordable housing development by offering tax incentives, thereby widening the range of rental options available to Seattle residents. At Link and Mural, we are committed to helping Seattle residents find two-bedroom apartments at great prices.

Our team of experienced professionals has an in-depth understanding of the MFTE program. We will help you navigate different options until you find the perfect place for your family. Contact us today and get started on your search for affordable two-bedroom apartments in Seattle. Contact our rental company for more information about available MFTE properties.