The City of Vancouver welcomes community review and input on proposed changes to its Multifamily Tax Exemption (MFTE) program.
As Vancouver has grown, housing production hasn’t kept pace. A housing market study completed by ECONorthwest for the City in 2022 found that Vancouver will need to build 2,500 units per year over the next decade to meet the new demand and close the current gap. The MFTE program is one of many tools that the City uses to encourage housing production. It offers temporary tax exemptions to housing developers for both affordable and market-rate housing projects.
Proposed changes will:
- Add new eligible areas to encourage and incentivize multifamily housing development more equitably throughout the community. The new proposed areas include Fruit Valley, uptown, the Highway 99 corridor, S.E. Mill Plain Boulevard corridor, Evergreen and Grand corridors, east Vancouver, and the Heights District. These areas are all zoned for multifamily housing and primarily located along rapid transit bus lines. Under the current program, only properties in downtown, the Vancouver waterfront and along Fourth Plain Boulevard are eligible.
- Promote development that creates more walkable neighborhoods and easy use of public transit. This will help decrease the need for car trips and reduce traffic, while positively impacting the climate.
- Support affordable housing development and simplify the existing MFTE program. Proposed changes would require developers to pay in-lieu fees for market rate projects, which could only be spent on affordable housing.
Visit beheardvancouver.org/mfte to view a map of the proposed target areas and the draft program manual. Community members can provide comments on the proposed changes online or by attending one of two upcoming MFTE program information sessions on March 23.
MFTE Community Info Session #1
1 to 2 p.m. on March 23
MFTE Community Info Session #2
5 to 6 p.m. on March 23
Community members should register for the session that best fits their schedule; the content of each meeting will be the same. Feedback on proposed changes to the MFTE program will be accepted through April 21.
To request interpretation or other accommodations at these sessions, please email william.cooley@cityofvancouver.us.
For more information, please contact Samantha Whitley in the Economic Prosperity and Housing Department at samantha.whitley@cityofvancouver.us or 360-487-7952.
Original source can be found here.
