The Seattle City Council unanimously approved a major overhaul of the city’s affordable housing program on Tuesday in an effort to make it more attractive to developers.
Seattle's Multifamily Tax Exemption Program offers property tax breaks to developers who set aside some rent-restricted units for people making less than the median income. It's one of many Washington cities to do so.
But new construction has stalled this year, and builders say better incentives are needed.
The approved updates increase the cap on annual rent adjustments. It also sets higher limits on how much landlords can charge for new income-restricted units.
Some housing advocates worry the higher costs will be out of reach for renters who qualify for the program.
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