“Affordable housing unit” means a dwelling unit as defined in the Redmond Zoning Code that is reserved for occupancy by eligible households and rented at an affordable rent.

“Affordable rent” means that the annual rent and other required expenses for the unit do not exceed 30 percent of the percentage of the applicable area median income adjusted for household size designated in RMC 3.38.120 for qualifying affordable units.

“ Area median income” means the median income for the Seattle-Bellevue, WA, HUD Metro Fair Market Rent (FMR) Area as most recently determined by the Secretary of Housing and Urban Development (the “Secretary”) under Section 8(f)(3) of the United States Housing Act of 1937, as amended. In the event that HUD no longer publishes median income figures for King County, the City may use or determine such other method as it may choose to determine the area median income, adjusted for household size. Also referred to as the “King County area median income” and “median income.”

“Assessor” means the King County Assessor.

“Director” means the Director of the City’s Department of Planning and Community Development, or his or her authorized designee.

“Eligible household” means one or more adults and their dependents who, as set forth in the regulatory agreement referenced in RMC 3.38.060.F, certify that their household annual income does not exceed the applicable percent of the area median income, adjusted for household size, and who certify that they meet all qualifications for eligibility, including, if applicable, any requirements for recertification on income eligibility.

“Household annual income” means the aggregate annual income of all persons over 18 years of age residing within the same household for a period of at least four months.

“MFTE” means multifamily housing property tax exemption.

“MFTE contract” means the agreement between the property owner and the City regarding the terms and conditions of the project and eligibility for exemption under this chapter.

“MFTE covenant” means the agreement that is in a form acceptable to the City Attorney that addresses price restrictions, eligible household qualifications, long-term affordability, and any other applicable topics of the affordable housing units as referenced in RMC 3.38.060.

“Multifamily housing” means a structure per RZC Chapter 21.78, Definitions, designed for permanent residential occupancy resulting from new construction.

“Owner” means the property owner of record.

“Permanent residential occupancy” means multifamily housing that provides rental occupancy for a period of at least one month, and excludes transient lodging.

“Project” means the multifamily housing or portion of the multifamily housing that is to receive the tax exemption.

“Residential targeted area” means an area within an urban center as defined by Chapter 84.14 RCW that the City has so designated by the City Council pursuant to this chapter. (Ord. 3030 § 2, 2021; Ord. 2892 § 3 (part), 2017).