HomeMy WebLinkAboutItem II-A-1WASHINGTON
AGENDA BILL APPROVAL FORM
A.qenda Subject Date:
Multi-Family Tax Abatement Ordinance July 29, 2003
Department: Attachments: Budget Impact:
Planning Ordinance, Proposed Code
Revisions, LiHi Memo
Administrative Recommendation:
City Council to conduct a public hearing on the proposed multi-family tax abatement ordinance.
Background Summary:
The State of Washington now allows communities of 30,000 or more to exempt multi-family housing units
constructed in the Downtown core from property tax for a period of ten years.
This exemption applies only to multi-family residential units and does not include commercial space which
may be part of a mixed unit development.
The proposed ordinance establishes a new chapter of the Auburn City Code, detailing the conditions
which must be met and the procedures implemented for the ordinance to be utilized.
06.6.9
Reviewed by Council & Committees: Reviewed by Departments & Divisions:
[] Arts Commission COUNCIL COMMITTEES: [] Building [] M&O
[] Airport [] Finance [] Cemetery [] Mayor
[] Hearing Examiner [] Municipal Serv. [] Finance [] Parks
[] Human Services [] Planning & CD [] Fire [] Planning
[] Park Board []PublicWorks [] Legal [] Police
[] Planning Comm. [] Other [] Public Works [] Human Resources
Action:
Committee Approval: []Yes [-INo
Council Approval: []Yes []No Call for Public Hearing / /__
Referred to Until / /
Tabled Until / /
Councilmember: Poe Staff: Heid/Krauss
Meeting Date: August 4, 2003 Item Number: II.A. 1
AUBURN * MORE THAN YOU IMAGINED
ORDINANCE NO. 5779
AN ORDINANCE OF THE CITY OF AUBURN,
WASHINGTON, CREATING A NEW CHAPTER 3.94
OF THE AUBURN CITY CODE RELATING TO
MULTI-FAMILY PROPERTY TAX EXEMPTION
WHEREAS, in 1995 the Washington State Legislature adopted Chapter
84.14 RCW, to encourage increased residential opportunities in cities required to
plan under the Growth Management Act, by providing for special property tax
valuation for eligible multi-family housing in targeted urban, residential areas;
and
WHEREAS, Chapter 84.14 further authorized cities with a population of at
least thirty-thousand to adopt procedures to implement the special property tax
valuations; and
WHEREAS, the City of Auburn adopted the Auburn Comprehensive Plan,
to implement the planning requirements of the Growth Management Act, RCW
36.70A; and
WHEREAS, the Auburn Comprehensive Plan establishes a need for
multi-family housing and expressly designates the downtown as a location for
multifamily housing; and
WHEREAS, the City of Auburn adopted the Auburn Downtown Plan as a
complement to the Auburn Comprehensive Plan; and
WHEREAS the Auburn Downtown Plan demonstrates a need for the
redevelopment of the downtown and establishes a plan for the redevelopment
that includes the new construction of multifamily housing; and
WHEREAS an assessment of available properties indicates a need for
new construction in the target area; and
WHEREAS in order to justify the tax abatement program, it is appropriate
that the residential development to which the tax abatement program would
apply establish a long term benefit to the City; and
WHEREAS the residential development to which the tax abatement
program would apply should also reflect a minimum investment; and
WHEREAS the advantages of new construction to the City therefore
outweigh disadvantages; and
Ordinance No. 5779
June 23, 2003
Page 1
WHEREAS as an Urban Center the City is obligated to increase densities in its
urban center; and
WHEREAS the Downtown Plan establishes certain development criteria
intended to promote development in the downtown area; and
WHEREAS, to further promote such development, the Auburn City
Council desires to adopt procedures for the application for and approval of
property tax incentives for qualifying multifamily housing within the downtown
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF AUBURN
DO ORDAIN as follows:
SECTION ONE. CREATION OF CHAPTER TO CITY CODE.
That a new Chapter 3.94 of the Auburn City Code (ACC) is hereby
created to read as follows:
CHAPTER 3.94
MULTI-FAMILY PROPERTY TAX EXEMPTION
Sections:
3.94.010
3.94.O2O
3.94.030
3.94.040
3.94.050
3.94.060
3.94.070
3.94.080
3.94.090
3.94.100
3.94.110
3.94.120
3.94.130
Findings of Fact.
Purpose.
Definitions.
Tax Exemption - Duration - Valuation - Exceptions.
Project eligibility.
Application procedure.
Application Review- Approval- Required findings -
Issuance of conditional certificate - Denial - Appeal.
Amendment of contract.
Extension of conditional certificate - Required findings -
· Denial - Appeal.
Final certificate - Application - Issuance - Denial - Appeal.
Annual Certification.
Cancellation of tax exemption - Appeal.
Review of Program.
3.94.010 Findings of Fact.
A. The City Downtown Core is an urban center as defined in Section
84.14.010 of the Revised Code of Washington (RCW) because it is an
Ordinance No. 5779
June 23, 2003
Page 2
identifiable district where urban residents may obtain a variety of products and
services.
B. The Downtown Core currently lacks sufficient, available desirable and
convenient residential housing to meet the needs of the public who would be
likely to live in the Downtown Core if desirable, attractive and livable places to
live were available.
C. The provision of special property tax valuations within the Downtown
Core will encourage construction of new multifamily housing, and that the
provision of such additional housing opportunities in the Downtown Core will
assist in achieving the goals of the City's Comprehensive Plan, its Downtown
Plan and the purposes set forth in RCW 84.14.007.
D. Encouraging the development of new residential units in the Downtown
core will enhance the use and redevelopment of existing developed areas
reducing sprawl, maximizing the public investment in the infrastructure of the
community and ultimately increasing the valuation of property in the downtown
3.94.020 PurpOse.
As provided for in Chapter 84.14, RCW, the purpose of this Chapter is to
provide limited, ten (10) year exemptions from ad valorem property taxation for
qualified new multifamily housing constructed in the Downtown Core in order to:
A. Accomplish the planning goals of the Growth Management Act,
RCW 36.70A and the City of Auburn Comprehensive and Downtown Plans and
B. Encourage residential opportunities within the Downtown core and
C. Stimulate new construction of multifamily housing in the Downtown
Core to increase housing opportunities and
D. Assist' in directing future population growth into the City's
'Downtown Core thereby encouraging the most efficient use of the City's
infrastructure and
E. Achieving development densities that enhance the use of the
community's mass transit opportunities and the public investment in such
opportunities and Promote community development and Downtown Core
revitalization in fulfillment of the City's Downtown Plan
3.94.030 Definitions.
In construing the provisions of this Chapter, the following definitions shall
be applied:
A. Assessor means the King County Assessor
B. Director means the Director of the City of Auburn Department of
Planning and Community Development or any other City office, department or
agency that shall succeed to its functions with respect to this Chapter, or his/her
authorized designee.
C. Multifamily housing means a building having thirty (30) or more
dwelling units designed for permanent residential occupancy.
D. Owner means the property owner of record
Ordinance No. 5779
June 23, 2003
Page 3
E. Permanent residential occupancy means multifamily housing that
provides either rental or owner occupancy for a period of at least one (1) month.
This excludes hotels and motels that predominately offer rental accommodation
on a daily or weekly basis.
F. Residential targeted area means an area within an urban center
that has been designated by the City Council as a residential targeted area in
accordance with this Chapter.
1. Pursuant to this Section, the Auburn Downtown Core, as
designated by "Exhibit A" attached is designated the residential targeted
area.
2. If a part of any legal lot is within the residential targeted
area, then the entire lot shall be deemed to lie within the residential
targeted area.
G. Urban center means a compact identifiable district where urban
residents may obtain a variety of products and services. An urban center must
contain:
1. Several existing or previous, or both, business
establishments that may include but are not limited to shops, offices,
banks, restaurants, governmental agencies;
2. Adequate public facilities including streets, sidewalks,
lighting, transit, domestic water, and sanitary sewer systems; and
3. A mixture of uses and activities that may include housing,
recreation, and cultural activities in association with either commercial or
office, or both, use.
3.94.040 Tax Exemption - Duration - Valuation - Exceptions.
A. Exemption, Duration of. The value of improvements for property
qualifying under this Chapter, is exempt from ad valorem property taxation for
ten (10) successive years beginning January 1st of the year immediately
following the calendar year of issuance of the Final Certificate of Tax Exemption
B. Limits on exemption. The exemption does not apply to the value of
land or to the value of non-housing improvements, nor does the exemption apply
to increases in assessed valuation of land and non-qualifying improvements.
This Chapter also does not apply to increases in assessed valuation made by
the assessor on non-qualifying portions of building and value of land, nor to
increases made by lawful order of a county board of equalization, the
Department of Revenue, or a county, to a class of property throughout the
county or specific area of the county achieve the uniformity of assessment or
appraisal required by law.
C. Only newly constructed units with a minimum investment of
$150,000 per unit annually adjusted for inflation by the Consumer Price Index as
of the passage date of this document shall qualify for the exemption.
Ordinance No. 5779
June 23, 2003
Page 4
3.94.050 Project eligibility.
To qualify for exemption from property taxation under this Chapter, the
property must satisfy all of the following requirements:
A. The property must be located in the designated residential targeted
area
B. The project must consist of at least thirty (30) dwelling units of
multifamily housing, located within a residential structure or a mixed' use
development, in which at least fifty (50) percent of the space within such
residential structure or mixed use development is intended for permanent
residential occupancy.
C. The property must be used and/or developed in a way that
increases or preserves property valuation, and the use or development of the
property must represent an increased investment in the property and property
maintenance that results in an increase in the over-all property values in the
target area.
D. The project must comply with all zoning requirements, land use
regulations, and building code requirements contained in the Auburn City Code
and applicable upon land use permit approval or submittal of a complete building
permit application, whichever occurs sooner.
E. For the duration of the exemption granted under this Chapter, the
property shall have no violations of applicable zoning requirements, land use
regulations, or building code requirements contained in the Auburn city Code for
which the City of Auburn and/or its departments or divisions have issued a "stop
work order" or notice of violation and order to correct that are not resolved by a
voluntary correction agreement, vacation by the hearing examiner, or action of
the property owner in compliance with the applicable code requirements as
determined by the Director, within the time period for compliance as provided in
such notice(s) and any extension of the time period for compliance granted by
the Director.
F. New construction of multifamily housing must be completed within
three (3) years from the date of approval of the application or by any extended
deadline granted by the Director pursuant to Section 3.94.070(C), ACC.
G. The owner must enter into a written agreement with the City,
approved by the Director and signed by the Mayor, in which the owner has
agreed to the implementation of the development on terms and conditions
satisfactory to the City.
3.94.060 Application procedure.
The owner of property applying for exemption under this Chapter shall
submit an application to the director on a form established by the Director. The
owner shall verify the correctness of the information contained in the application
by his/her signature and affirmation made under penalty of perjury under the
laws of the State of Washington. The application shall contain such information
as the Director may deem necessary or useful, which at a minimum shall include:
Ordinance No. 5779
June 23, 2003
Page 5
A. A completed City of Auburn application form, including information
setting forth the grounds for tax exemption
B. A brief written description of the project, and schematic site and
floor, plans of the multifamily units and the structure(s) in which they are
proposed .to be located;
C. Floor and site plans of the proposed project, which plans may be
revised by the owner provided in the opinion of the Director, such revisions do
not materially alter the nature of the project or the rationale substantiating the
exemption application;
D. A statement from the owner acknowledging the potential tax liability
when the property ceases to be eligible for exemption under this Chapter
E. At the time of initial application under this section, the owner shall
pay to the City an initial application fee of one hundred fifty dollars ($150), plus
an amount necessary to cover recording fees under Section 3.94.100 ACC.
F. Except as otherwise provided in Section 3.94.070, ACC, the
application shall be submitted any time before the earlier of (1) an application for
a land use approval process and (2) an application for a building or other
construction permit
G. If on the effective date of this Chapter, the owner has applied for a
permit identified in Subsection 6 of this section, then application for exemption
under this section may be submitted any time prior to issuance of a building
permit.
3.94.070 Application Review - Approval - Required findings - Issuance of
conditional certificate - Denial- Appeal.
A. The director may approve an application if he or she finds that:
1. When a new structure is being created, a minimum of thirty
(30) new multi-family units are being constructed;
2. The proposed project is or will be, at the time of completion,
in conformance with all approved plans, and all applicable
requirements of the Auburn City Code or other applicable
requirements or regulations in effect at the time the application is
approved;
3. The owner has complied with all of the requirements of this
Chapter, including but not limited to project eligibility requirements
contained in Section 3.94.050 ACC, and application requirements
contained in Section 3.94.060 ACC; and
4. The project site is located within a designated residential
targeted area.
B. The Director shall deny an application if the foregoing criteria are
not met.
C. If the application is approved, the owner shall enter into a contract,
the Director shall issue a conditional certificate of acceptance of tax exemption.
The conditional certificate shall expire three (3) years from the date of approval
unless an extension is granted as provided in Section 3.94.090, ACC.
Ordinance No. 5779
June 23, 2003
Page 6
D. Following his/her approval of the contract, the Director shall issue a
conditional certificate of acceptance of tax exemption. The conditional certificate
shall expire three (3) years from the date of approval unless an extension is
granted as provided in Section 3.94.090, ACC.
E. If the application is denied, the Director shall state in writing the
reasons for the denial and send notice of denial to the owner's last known
address within ten (10) working days of the denial.
Fi An owner may appeal a denial of a tax exemption application to the
Hearings Examiner by filing a notice of appeal with the City Clerk within thirty
(30) calendar days of receipt of notice of the denial. The appeal before the
Hearings Examiner shall be based upon the record before the Director, and the
Director's decision will be upheld unless the owner can show that there is no
substantial evidence on the record to support the director's decision.
3.94.080 Amendment of contract.
A. Any owner seeking amendment(s) to the contract approved by the
director may do so by Submitting a request in writing to the Director at any time
within three (3) years of the date of the Director's approval of the contract.
B. Any owner seeking amendments to the approved form of contract
shall pay to the City an amendment application fee of one hundred fifty dollars
($150) for administrative costs, plus any amount necessary to cover recording
fees.
C. The date for expiration of the ConditiOnal Certificate shall not be
extended by contract amendment unless all conditions for extension set forth in
Section 3.94.090 ACC, are met.
3.94.090 Extension of conditional certificate - Required findings - Denial -
Appeal.
A. The conditional certificate may be extended b the director for a
period not to exceed thirty-four (24) consecutive months. The owner shall submit
a written request stating the grounds for the extension together with a fee of one
hundred fifty dollars ($150) for the: City's administrative cost to process the
request. The Director may grant an extension if the Director finds that:
1. The anticipated failure to complete construction within the
required time period is due to circumstances beyond the control of the
oWner; and
2. The owner has been acting, and could reasonably be
expected to continue to act, in good faith and with due diligence; and
3. All the conditions of the original contract between the owner
and the City will be satisfied upon completion of the project.
B. If an extension is denied, the Director shall state in writing the
reason for denial and shall send notice to the owner's last known address within
ten (10) working days of the denial. An owner may appeal the denial of an
extension to the Hearing Examiner by filing a notice of appeal with the City Clerk
within fourteen (14) calendar days after issuance of the notice of the denial. The
Ordinance No. 5779
June 23, 2003
Page 7
appeal before the Hearing Examiner shall follow the provisions of'Chapter 18.66
ACC. The Hearing Examiner's decision shall be the final decision of the City
and is not subject to further appeal.
3.94.100 Final certificate - Application - Issuance - Denial - Appeal.
A. Upon completion of the construction as provided in the contract
between the owner and the City, and upon issuance of a temporary certificate of
occupancy, or a permanent certificate of occupancy if no temporary certificate is
issued, the owner may request a final certificate of tax exemption. The owner
shall file with the Director such information as the Director may deem necessary
or useful to evaluate eligibility for the final certificate, which shall at a minimum
include:
1. A statement of expenditures made with respect to each
multifamily housing unit and the total expenditures made with respect to
the entire property.
2. A description of the completed work and a statement of
qualification for the exemption.
3. A statement that the work was completed within the required
three (3) year period or any approved extension; and
B. The time of application for final certificate under this section the
owner shall pay to the City a fee of fifty dollars ($50) to cover the City's
administrative costs.
C. Within thirty (30) calendar days of receipt of all materials required
for a final certificate, the Director shall determine whether the completed work is
consistent with the contract between the city and owner, whether all or a portion
of the completed work is qualified for exemption under this Chapter and, if so,
which specific improvements satisfy the requirements of this Chapter.
D. If the Director determines that the project has been completed in
accordance with the contract between the owner and the City and the
requirements of this Chapter, the City shall file a final certificate of tax exemption
with the Assessor within ten (10) calendar days of the expiration of the thirty (30)
calendar day period provided under subsection C of this section.
E. The Director is authorized to cause to be recorded or to require the
owner or owners to record in the real property recOrds of the appropriate office of
the county in which the property is located, the contract with the City required
under Section 3.94.050, ACC, or such other document(s) as will identify such
terms and conditions of eligibility for exemption under this Chapter as the
Director deems appropriate for recording.
F. The Director shall notify the owner in writing that the City will not file
a final certificate if the Director determines that the project was not completed
within the required three (3) year period or any approved extension, or was not
completed in accordance with the contract between the owner and the City and
the requirements of this Chapter, or the owner's property is otherwise not
qualified for the limited exemption under this Chapter.
Ordinance No. 5779
June 23, 2003
Page 8
G. The owner may appeal the Director's decision to the Hearing
Examiner by filing a notice of appeal with the City Clerk within fourteen (14)
calendar days after the issuance of the notice of the denial. The appeal before
the Hearing Examiner shall follow the provisions for appeal contained in Chapter
18.66 ACC. The owner may appeal the Hearing Examiner's decision to the King
County superior Court according to the procedures contained in RCW 34.05.510
through 34.05.598, as provided in RCW 84.14.090(6), within (30) days of
notification by the City to the owner of the decision.
3.94.110 Annual Certification.
A. Within thirty (30) days after the first anniversary of the date the City
filed the final certificate of tax exemption and each year thereafter, for a period of
ten (10) years, the property owner shall file a certification with the Director,
verified upon signed affirmation under penalty of perjury under the laws of the
State of Washington. The certification shall contain such information as the
Director may deem necessary or useful, and shall at a minimum include the
following information:
1. A statement of occupancy and vacancy of the multifamily
units during the previous year;
2. A certification that the property has not changed use since
the date of filing of the final certificate of tax exemption, and continues to
be in compliance with the contract with the City and the requirements of
this Chapter;
3. A description of any improvements or changes to the
property made after the filing of the final certificate or most recent
certification, as applicable.
B. Failure to submit the annual certification may result in cancellation
of the tax exemption.
3.94.120 Cancellation of tax exemption - Appeal.
A. If at any time the Director determines that the property no longer
complies with the terms of the contract or with the requirements of this Chapter,
or the use of the property for any reason no longer qualifies for the tax
exemption, the tax exemption shall be cancelled and additional taxes, interest
and penalties imposed pursuant to state law.
B. If the Owner intends to convert the multifamily housing to another-
use the owner must notify the Director and the King county Assessor within sixty
(60) days of the change in use. Upon such change in use, the tax exemption
shall be cancelled and additional taxes, interest and penalties imposed pursuant
to state law.
C. Upon determining that a tax exemption shall be cancelled, the
Director shall notify the property owner by certified mail, return receipt requested.
The property owner may appeal the determination by filing a notice of appeal
with the city clerk within thirty (30) calendar days after issuance of the decision
by the Director, specifying the factual and legal basis for the appeal. The appeal
Ordinance No. 5779
June 23, 2003
Page 9
before the Hearing Examiner shall follow the procedures set forth in Sections
18.66.110 - 18.66.160, ACC. At the appeal hearing, all affected parties may be
heard and all competent evidence received. The Hearing Examiner shall affirm,
modify, or repeal the decision to cancel the exemption based on the evidence
received. The Hearing Examiner shall give substantial weight to the director's
decision to cancel the exemption, and the burden of proof and the burden of
overcoming the weight accorded to the director's decision shall be upon the
appellant. An aggrieved party may appeal the Hearing Examiner's decision to
the King county Superior Court in accordance with the procedures in RCW
34.05.510 through 34.05.598, as provided in RCW 84.14.110(2), within thirty
(30) days after issuance of the decision of the Hearing Examiner.
3.94.130 Review of Program.
A. The provisions of this Chapter shall be reviewed five (5) years after
the effective date of the ordinance codified herein. Such review may include, but
not be limited to, the number of dwelling units granted property tax exemption
under this program, consideration of the multifamily development trends in the
city and region, review of administrative processes and procedures, as well as
public comment. If the program is terminated, no further applications for a
conditional certificate of tax exemption shall be accepted. Incomplete
applications shall be returned to the owner.
B. Notwithstanding subsection A of this section, pending complete
applications for a conditional certificate, extension of conditional certificate or
final certificate shall be processed as provided in this Chapter under Sections
3.94.060 through 3.94.100, ACC. The City's authority to enforce the provisions
of this Chapter shall survive any and all timetables provided' for herein, and shall
apply to all properties that have been issued a final certificate of tax exemption
under this Chapter until expiration, termination or cancellation of the certificate.
SECTION TWO. GENERAL SEVERABILITY.
That if any provision of this Ordinance or the application thereof to any
person or circumstance is held to be invalid, the remainder of such code,
ordinance or regulation or the application thereof to other person or
circumstances shall not be affected.
SECTION THREE. RATIFICATION.
That any act consistent with the authority and prior to the effective date of
this ordinance is hereby ratified and affirmed.
SECTION FOUR. IMPLEMENTATION.
The Mayor is hereby authorized to implement such administrative
procedures as may be necessary to carry out the directives of this legislation.
Ordinance No. 5779
June 23, 2003
Page 10
SECTION FIVE. EFFECTIVE DATE.
That this Ordinance shall be in full force and effect five (5) daYs after
publication of the Ordinance Summary.
INTRODUCED:
PASSED:
APPROVED:
ATTEST:
PETER B. LEWIS, MAYOR
Danielle E. Daskam, City Clerk
D'~n'reI-B. ~d, City Attorney~..
PUBLISHED:
Ordinance No. 5779
June 23, 2003
Page 11
~N
£
il
Z
Page 1 of 1
Al Hicks
From:
Sent:
To:
Subject:
Cindy Proctor
Friday, June 20, 2003 11:05 AM
Al Hicks
Cost per Unit
Al,
Three examples:
JC Penney 24 units Housing Construction only (includes WSST) $2,499,044 or $104,126 per
unit; Total Development Cost 24 units Housing $3,952,259 or $164,677 per unit.
A preservation project no construction in Puyallup was $1,890,000 for 28 units or $66,085 per
unit.
Denny Park Apartments in Seattle 50 units Housing Construction only (includes WSST)
$6,376,292 or $127,525 per unit; Total Development Cost 50 units of Housing $9,300,761 or
$186,015 per unit.
All these projects are 2 BR or less.
Below is a HUD 223 Mortgage limits.
Hope this helps.
Cindy
http://www.wshfc.org/tax-credits/2003 application/f-mortgagelimits.pdf
Cindy Proctor
Manager of Housing Development
Low Income Housing Institute ~]ihi,org
2407 First Avenue, Suite 200
Seattle, WA 98121
206--443-9935 X130
206-443-9851 (fax)
cindyp@lihi,org
07/01/2003
Exhibit F
221(d)(3) MORTGAGE LIMITS
Please refer to the Appendix in the Policies (Tab E) for instructions on how to use the HUD 221 (d)(3)
Mortgage Limits. These limits apply to all eligible mortgagors (non-profits and for-profits).
Washington State Housing Finance Commission 221(d)(3) Mortgage Limits
Low-Income Housing Tax Credit Program 1 Revised January 2003
FHA Multifamily Statutory Mortgage Limits Section 221(d)(3)
Elevator Construction
(Effective January 1, 2003)
WESTERN WASHINGTON
tl of AREA 1 AREA 2 AREA 3 AREA 4 AREA 5
Bedrooms
0 BR 92,925 87,172.50 84,960 88,058 86,288
I BR 106,520 99,926 97,390 100,941 98,912
2 BR 129,528 t 21,510 118,426 122,743 120,276
3 BR 167,565 157,192 153,203 158,788 155,596
4 BR 183,935 172,548 168,169 174,300 170,797
· AREA 1:
· AREA 2:
· AREA 3:
· AREA 4:
· AREA 5:
King, Snohomish, Pierce, Kitsap, Thurston, Mason, Lewis, Grays Harbor, Pacific
Clallam, Jefferson, Skagit, Island, Whatcom, San Juan
Cowlitz, Wahkiakum
Clark, Skamania
Klickitat
EASTERN WASHINGTON
ti of AREA 1 AREA 2 AREA 3
Bedrooms
0 BR 75,225 78,322.50 78,765
1 BR 86,231 89,781 90,289
2 BR 104,856 109,174 109,790
3 BR 135,648 141,234 142,032
4 BR 148,900 155,031 155,907
· AREA 1:
· AREA 2:
· AREA 3:
Spokane, Pend Oreille, Stevens, Ferry, Lincoln, Chelan, Douglas, Okanogan
Yakima, Kittitas, Walla Walla, Columbia, Garfield, Asotin, Whitman
Benton, Franklin, Adams, Grant
Washington State Housing Finance Commission 221(d)(3) Mortgage Limits
Low-Income Housing Tax Credit Program 2 Revised January 2003
FHA Multifamily Statutory Mortgage Limits Section 221(d)(3)
Non-Elevator Construction
WESTERN WASHINGTON
(Effective December 7, 2001)
# of AREA 1 AREA 2 AREA3 AREA 4 AREA 5
Bedrooms
0 BR 88,301 82,835 80,732 83,676 81,994
1BR 101,810 95,508 93,084 96,477 94,538
2 BR 122,785 115,184 112,260 116,353 114,015
3 BR 157,164 147,435 143,693 148,932 145,938
4 BR 175,088 164,249 160,080 165,916 162,581
· AREA 1:
· AREA 2:
· AREA 3:
· AREA 4:
· AREA 5:
King, Snohomish, Pierce, Kitsap, Thurston, Mason, Lewis, Grays Harbor, Pacific
Clallam, Jefferson, Skagit, Island, Whatcom, San Juan
Cowlitz, Wahkiakum,
Clark, Skamania
Klickitat
EASTERN WASHINGTON
# of AREA 1 AREA 2 AREA 3
Bedrooms
0 BR 71,482 74,425 74,845
1BR 82,418 85,811 86,296
2 BR 99,397 103,490 104,075
3 BR 127,228 132,467 133,215
4 BR 141,738 147,574 t48,408
· AREA 1:
· AREA 2:
· AREA 3:
Spokane, Pend Oreille, Stevens, Ferry, Lincoln, Chelan, Douglas, Okanogan
Yakima, Kittitas, Walla Walla, Columbia, Garfield, Asotin, Whitman
Benton, Franklin, Adams, Grant
Washington State Housing Finance Commission 221 (d)(3) Mortgage Limits
Low-Income Housing Tax Credit Program 3 Revised January 2003