Why does Snohomish need a multi-family tax exemption for developers?

Commercial developers will not build any affordable units without the MFTE. Given that so many of the City’s neighbors have already established an MFTE, the City will be at a competitive disadvantage in attracting multi-family developers to build in Snohomish without the MFTE. The MFTE is a strong incentive for developers that can be the tipping point to greenlight a project. The MFTE is optional so some developers will choose to do their projects without it.

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1. What is a MFTE?
2. Does a MFTE designation create housing projects?
3. Does a MFTE increase taxes?
4. Why is the City rushing to create an MFTE in Midtown?
5. I bought my house in Snohomish 15 years ago and prices seemed affordable then. Why is the City talking about affordable housing?
6. Doesn’t affordable housing create blight?
7. How many 5-story mid-rise multi-family apartment or condo units that can be built per acre in Snohomish under an MFTE?
8. Why does Snohomish need a multi-family tax exemption for developers?
9. The Bottom Line about a future Midtown MFTE