Tuesday, July 1, 2008

Affordable Housing Tax Break

Mayor Greg Nickles and the city council approved the expansion of a tax break for builders and developers that build affordable apartment or condo buildings in the city of Seattle. One potential issue is how the city defines "affordable."

Under the approved proposal, an affordable studio apartment in the city has a price cap of $1,115. They say this is affordable to a single person making $46,705, or 80% of the area's median income. Nick Licata, the lone dissenting vote, argues that many workers that live in the city make even less than the people the new tax break aims to help.

Read the full article here.

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