ENSURE IMPROVEMENTS ARE MADE TO THE MULTIFAMILY TAX EXEMPTION UNLESS IT IS EXPANDED
The multifamily tax exemption program (MFTE) provides a tax break intended to encourage the development of multifamily housing. Housing developers can access a greater tax break by including very limited affordability requirements. If the program is expanded, it must include greater rental affordability requirements, stronger tenant protections, and anti-displacement protections. Without these protections, this tax break supports gentrification and displacement of low-income people and people of color.
We support the current version of Senate Bill 5287