3.38.125 Temporary pilot program – 12-year exemption required minimum affordability levels

3.38.125 Temporary pilot program – 12-year exemption required minimum affordability levels.

This section was recently added by Ordinance 3125, codified in September 2023.

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:

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
12 years	Second 10%	90% AMI

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