The City of Renton offers incentives for development of affordable, multifamily, and other certain housing projects. Below are incentive overviews. Please reference the Renton Municipal Code for full requirements.
Multi-Family Tax Exemption (MFTE)
The MFTE Program is a voluntary incentive for new multifamily development within the City's eligible areas. The MFTE provides an 8-, 12-, or 20-year exemption from property taxes paid on the housing portion of qualifying projects.
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8-Year Exemption: Available to qualifying market-rate projects;
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12-Year Exemption: Available to qualifying projects with at least 20% of units affordable to 1) rental households making at or below 60% AMI or 2) owner households making at or below 80% AMI;
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20-Year Exemption: Available to qualifying permanently affordable homeownership projects with at least 25% of units affordable to owner households making at or below 80% AMI.
Only projects that comply with local and state code and are within the City's designated residential targeted areas are eligible for the exemption. See
RMC 4-1-220.
Qualifying projects can apply after land use entitlement and prior to building permit issuance. Contact
Planning for more information.
Density Bonus for Affordable and Certain Housing
A density bonus is a voluntary incentive for increased residential density for developments that construct affordable dwelling units, cottage housing, or assisted living facilities. See RMC 4-9-065.
Contact the project's Current Planner for more information.
Waived Fees for Affordable Housing
Waiver of certain fees can be requested for projects that meet affordable owner-occupied or affordable rental housing standards. See RMC 4-1-210.
Contact the project's Current Planner for more information.