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To be eligible for exemption from property taxation under this chapter, the property shall satisfy all of the following requirements:

A. The property must be located in a residential targeted area.

B. The project must be new construction multifamily rental housing consisting of at least four dwelling units within a residential structure or as part of a mixed use development, in which at least 50 percent of the space within such residential structure or mixed use development is intended for permanent residential occupancy.

C. No application may result in the net loss of existing affordable housing which receives housing assistance through federal low or moderate income housing programs (e.g., HUD Section 8 program).

D. Affordable housing shall be provided in the project as described in BCC 4.52.090.

E. Prior to issuing a certificate of occupancy, the owner shall record with the King County recorder’s office an MFTE covenant 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. This MFTE covenant shall run with the land and shall be binding on the assigns, heirs and successors of the owner. Affordable units that are provided under this section shall continue to be made available to eligible households as affordable units for a minimum of 12 years from the date of initial occupancy.

F. A minimum of 15 percent of the project’s housing units must have two or more bedrooms unless the project meets the criteria described in BCC 4.52.090(A)(2).

G. The mix and configuration of housing units (e.g., studio, one-bedroom, two-bedroom, etc.) used to meet the requirement for affordable units at each level of affordability under BCC 4.52.090 shall be substantially proportional to the mix and configuration of the total housing units in the project unless otherwise approved by the director. The affordable units will be constructed of similar quality and similar finishes as the other units in the project.

H. The project shall comply with all applicable provisions of the Bellevue City Code, including but not limited to BCC Titles 14 (Transportation Code), 20 (Land Use Code), 21 (Comprehensive Plan), 22 (Development Code), 23 (Construction Codes) and 24 (Utilities Codes).

I. Construction of new multifamily housing must be completed within three years from the date of approval of the application, or within an extension authorized under this chapter. (Ord. 6582 § 7, 2021; Ord. 6231 § 2, 2015.)