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A. Pilot Program. The Minimum Affordability Levels for the 12-year exemption, identified in Table 3 of this section, shall supersede the 12-year exemption Minimum Affordability Levels identified in Table 1 and Table 2 of this chapter.

B. The value of new housing construction qualifying under this chapter shall be exempt from ad valorem property taxation as follows:

1. In All Residential Targeted Areas.

a. Length of Exemption. For 12 successive years beginning January 1 of the year immediately following the calendar year of issuance of the certificate for rental projects where at least the required minimum number of units are affordable units as specified in Table 3.

b. Table 3: Required Minimum Affordability Levels. Affordable Rents as indicated:

Table 3. Marymoor, Downtown, and Overlake Village Residential Targeted Areas

Length of Exemption

Number of Units

Affordability Level

12 years

First 10%

80% AMI

Second 10%

90% AMI

C. Termination. This section shall expire on December 31, 2024. (Ord. 3125 § 2, 2023).