Sunday, February 27, 2011

"Full Council votes Mon. whether to extend millions in 'MFTE' tax breaks to developers‏"

John V. Fox (Press Release-Seattle Displacement Coalition-206-632-0668):

$90 million given away to developers since 2004 and the public got little in return! Council will vote whether to extend the "MFTE" program thru 2015 this coming Monday:

Seattle City Council will vote Monday to extend millions in property tax breaks to developers who promise to "set aside" only a handful of units priced above what even the average tenant in our city can afford! We're not kidding! Council will vote whether to extend the City’s (MFTE) Multi-Family Tax Exemption Program.
At a time when property owners are facing an avalanche of increased costs and will be called on to support passage of two extremely important and valuable levies this Fall – the Families and Education levy and another one to continue funding for needed veterans housing and services - The Council’s decision to continue this program would be one of the most egregious actions we’ve seem them take in years.

For these reasons, we strongly recommend that the Council suspend this program or drop the price of units developers are required to set aside below what would be affordable to households truly in need in our city – those with incomes below 50% of median.
Howie P.S.: For more information, call John V. Fox @ (206) 632-0668.

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