A. “Affordable unit” means a dwelling unit as defined in Bellevue Land Use Code that is reserved for occupancy and rented at an affordable rent to an eligible household.

B. “Affordable rent” means that the monthly rent plus tenant-paid utilities and other required expenses for the unit do not exceed 30 percent of the percentage of the applicable monthly median income adjusted for household size designated in BCC 4.52.090 for qualifying affordable units.

C. “Assessor” means the King County assessor.

D. “Director” means the director of the city’s community development department, or any other city office, department or agency that shall succeed to its functions with respect to this chapter, or his or her authorized designee.

E. “Eligible household” means one or more adults and their dependents who, as set forth in the regulatory agreement referenced in BCC 4.52.040(E), certify that their household income does not exceed the applicable percent of the King County median income; and who certify that they meet all qualifications for eligibility, including any requirements for recertification on income eligibility.

F. “Household income” means the aggregate income of all persons over 18 years of age residing within the same household for a period of at least four months.

G. “King County median income” or “median income” means the median income for the Seattle-Bellevue, WA Housing and Urban Development Metro Fair Market Rent Area (“Seattle-Bellevue HMFA”) as most recently published by the United States Department of Housing and Urban Development (the “HUD”). In the event that HUD no longer publishes median family income figures for Seattle-Bellevue HMFA or King County, the director may estimate the applicable median income, in such manner as the director shall determine by rule adopted following a public comment opportunity.

H. “MFTE” means multifamily property tax exemption.

I. “MFTE contract” means the agreement between the property owner and the city regarding the terms and conditions of the project and eligibility for exemption under this chapter.

J. “MFTE covenant” means the agreement that is in a form acceptable to the city attorney that addresses price restrictions, eligible household qualifications, long-term affordability, and any other applicable topics of the affordable units as referenced in BCC 4.52.040(E).

K. “Multifamily housing” means a building or townhouse project having four or more dwelling units designed for permanent residential occupancy resulting from new construction.

L. ”Owner” means the property owner of record.

M. ”Permanent residential occupancy” means multifamily housing that provides rental occupancy for a period of at least one month, and excludes transient lodging as defined in LUC 20.50.048 now or as hereafter amended.

N. “Project” means the multifamily housing or portion of the multifamily housing that is to receive the tax exemption.

O. “Residential targeted area” means an area within an urban center as defined by Chapter 84.14 RCW (now or as hereafter amended) that has been designated by the city council under this chapter. (Ord. 6582 § 4, 2021; Ord. 6231 § 2, 2015.)