3.78.080 Affordable housing for twelve-year tax exemption.
A. Projects which are seeking a twelve-year tax exemption shall provide twenty percent of the units as follows:
1. Ten percent of the units affordable to households whose income is at or below sixty percent of the median household income for Snohomish County, adjusted for household size;
2. Ten percent of the units affordable to households whose income is at or below eighty percent of the median household income for Snohomish County, adjusted for household size;
3. Units intended exclusively for owner occupancy: twenty percent of the units affordable to households whose income is at or below eighty percent of the median household income for Snohomish County, adjusted for household size.
B. The planning director is authorized to publish income and rent limits, including the use of rent and income calculators, to assist in implementation of these affordable housing requirements.
C. At the end of both the tenth and eleventh years of a twelve-year exemption, the applicant or the property owner at that time must provide tenants of affordable units with notification of the applicant’s or property owner’s intent to discontinue the affordability provisions and that the tenant is eligible for relocation assistance in an amount equal to one month’s rent as provided in RCW 84.14.020.
D. The applicant or the property owner must provide tenant relocation assistance in an amount equal to one month’s rent to a qualified tenant within the final month of the qualified tenant’s lease. To be eligible for tenant relocation assistance under this subsection, the tenant must occupy an affordable unit at the time the exemption expires and must qualify as an eligible household under this chapter at the time relocation assistance is sought. (Ord. 3954-23 § 1 (Exh. 1), 2023.)