This agreement will enable the building of 98 regulated rental house units and 98 multi-family market units in the Proctor Mixed-Use Center. Reserved for affordable housing will be 20% of the development. These units will be for those households that earn less than 71% of the annual median income in Pierce County.
The MFTE program is a tool that is designed to encourage the development of new multi-family housing in designated Residential Target Areas. Qualifying projects are exempt from property taxes on the assessed value of the project for an pre-determined number of years based on the level of affordability provided.
John Hines, a council member for District 1, said:
“We don’t just need more housing in Tacoma, we need more affordable housing in neighborhoods across our city… This new 12-year MFTE project is exciting because it provides additional confirmation that developers can make projects with affordable units work in Proctor. I am committed to ensuring we have affordable housing in all our unique and diverse neighborhoods, and tools like the 12-Year MFTE help make that possible. The MFTE program is not just about supporting development. It’s about keeping families connected, helping seniors age in place, and ensuring the people who work in Tacoma can live in Tacoma. This project will be a wonderful addition to the special Proctor-ness of the Proctor neighborhood.”
Brochure printing can provide more information about such projects once their features and amenities are determined.