MultiFamily Property Tax Exemption
Bogtown Flats is proud to participate in the Multifamily Property Tax Exemption (MFTE) program. The MFTE program provides a tax exemption on new multifamily buildings in exchange for setting aside 20% of the homes as income- and rent-restricted. By supporting mixed-income residential development in the urban centers, the MFTE program ensures affordability as the community grows.
In order to qualify for MFTE homes at Bogtown Flats, household income must be below 75% of the area median income for 1 bedrooms and below 85% for 2 bedrooms. View more information on current income limits.
The rents on an MFTE homes are set forth by the City of Seattle, Office of Housing. Any applicant that chooses to apply for these MFTE homes must meet specific income restrictions and thresholds. These income restrictions are listed on our Bogtown website and can be found https://www.seattle.gov/housing/property-managers/income-and-rent-limits. In addition to meeting these City requirements, any applicants must also meet the Bogtown Flats Rental and Occupancy criteria guidelines. This criteria can be found on the Bogtown website when applying for an apartment.
You must first go to the MFTE tab on the Bogtown website and click on the link that will inform you of the income restrictions. You will assess your income and compare it to the limitations set forth by the City of Seattle. If you make too much money, you will need to apply for an apartment home that is NOT an MFTE home. If you do qualify, you will need begin the process by reading the Bogtown Flats Rental and Occupancy criteria guidelines and then choosing to apply for the MFTE apartment home and putting down the deposit. Once you have completed that, you must immediately download the Resident Eligibility Application and the Employment Verification forms from the Bogtown Website, also located on the MFTE tab. These Seattle forms must be filled out and returned to the leasing office as well as any other required documents.
No. The income restrictions are closely monitored by the City of Seattle and there is no wavering or grey area. Example: For 2019, the income restriction for a 1 person household at 75% AMI (area median income) is $57,000. If you are a 1 person household and your annual salary is $57,050, you will not qualify.
No. The City of Seattle releases new income and rent limits on an annual basis approximately every May. Example: If the City of Seattle releases new rental limits in May and your lease ends in September, your lease renewal may have an increased rent based upon the new thresholds.
Yes and No. Bogtown Flats is required by the City of Seattle to re-qualify all MFTE residents every year upon renewal. The income restrictions come out approximately every year in May. The increase in income from 2018 to 2019 was 7.7%. When that goes into effect, you may still qualify depending on what your raise is and what the income limitations get raised to if any. If you make over the current restrictions upon the time of your renewal, you will not qualify.
The City of Seattle offers a utility concession that is based upon the number of bedrooms in the home. This concession has already been taken out of the monthly rent for Bogtown Flats. This means that a resident of an MFTE home must pay all utilities. Example: As of 1/1/2019, the utility discount for a 1 bedroom is $115 and covers all necessary utilities. The rent limitation for a 1 bedroom at 75% AMI is $1,628. Since the residents of Bogtown Flats are responsible for all necessary utilities, the effective rent for a 1 bedroom MFTE would be $1,513 ($1,628 – $115 = $1,513). There are no discounts on monthly expenses that are freely chosen as an addition by the resident. Examples of these are: Cable TV, parking fees, pet rent, common area rental etc.