At a recent City Council meeting, updates were provided on Bellevue’s Affordable Housing Strategy and the Multifamily Tax Exemption (MFTE) program. The Affordable Housing Strategy aims to build or preserve 5,700 affordable units over the next decade, with a focus on new housing opportunities in the next seven years. Community engagement has reached more than 450 residents and 50 organizations, including events like the Affordable Housing Better Cities Film Festival. A draft of the strategy will be presented to the Council in January 2026.
The MFTE program incentivizes developers to include affordable units in new multifamily projects through temporary property tax reductions. Currently, developers must reserve 20% of units for households earning up to 80% of the area median income for 12 years. Since its inception in 2015, the program has facilitated 472 new affordable rental units across 11 projects. Recent updates aim to align the program with new land use codes and expand options, including an 8-year program and a 20-year homeownership initiative. A follow-up on the MFTE program will occur in early December. Additionally, the Parks and Community Services Department recently received reaccreditation from national agencies, achieving a perfect score.
