The Multi

	The Multi-Family Tax Exemption Developer "Giveaway" Program 2011 Total of Giveaway and giveaway amounts since 2004

	Last minute applications from owners filing for MFTE Tax Breaks before rules changed First 11 Projects (Dec '10 - Feb '11)
	Address	Company/Owner	1 year developer subsidy	12 year total developer subsidy	Tax Shift	Total units	20% Set-Asides Rents	Percent of 2005-2024 Growth Target Already Reached for that Area (if area has exceeded 33% of its target, they're on pace to reach 2024 target)
1	14027 Lake City Way	Lake City LLC	423,240	$ 5,078,880	county wide total	320	64	58%
	Res. 31274	Continental Amer. Prop	136,913	$ 1,642,956	city-wide total			(Lake City)
		Mike Mahoney (San Diego)
2	4502 42^nd Avenue SW	Oregon 42 LLC	171,354	$ 2,056,248	county wide total	135	27	48%
	Res. 31277	Continental Amer. Prop	55,431	$ 665,172	city-wide total			(W. Seattle Junction)
		Mike Mahoney (San Diego)
3	3040 17^th Avenue West,	Block 20, LLC	440,471	$ 5,285,652	county wide total	215	43	158%
	Res. 31276	Unico Properties	142,487	$ 1,709,844	city-wide total			(Ballard Interbay)
		Todd Seneker
4	4309 7^th Avenue NE	7^th Ave NE LLC	14,467	$ 173,604	county wide total	47	47	76%
	Res. 31275	Gary Mulhair	4,680	$ 56,160	city-wide total			(University District)

5	3701 South Hudson Street	Harbor Columbia One LLC	160,040	$ 1,920,480	county wide total	124	25	107%
	Res. 31281	Harbor Properties	51,771	$ 621,252	city-wide total			(Columbia City)
		Martha Barkman		$ -
6	100 Republican Street	Essex Queen Anne LLC	466,886	$ 5,602,632	county wide total	275	55	21%
	Res. 31285	Essex Realty Trust Palo Alto	151,032	$ 1,812,384	city-wide total			(South Lake Union)
				$ -
7	101 Taylor Avenue N.	PDMSRMT101 LLC	467,254	$ 5,607,048	county wide total	260	53	45%
	Res. 31284	RD Merrill Co. Spokane	151,151	$ 1,813,812	city-wide total			(Belltown)
		Andy Loos		$ -
8	230 Broadway Ave E.	PDMSRMT101 LLC	372,200	$ 4,466,400	county wide total	234	47	42%
	Res. 31280	RD Merrill Co. Spokane	120,402	$ 1,444,824	city-wide total			(12th Avenue)
		Andy Loos		$ -
9	708 6th Avenue	Brook 1 LLC	165,026	$ 1,980,312	county wide total	112	23	140%
	Res. 31278	Mark Angelilo	53,384	$ 640,608	city-wide total			(Commercial Core)

10	201 W. Harrison	H20 Apts LLC	69,897	$ 838,764	county wide total	45	9	135%
	Res. 31279	Brandon Nicholson	22,611	$ 271,332	city-wide total			(Uptown)

11	1400 NW Market Street	Avalon Bay Communities	467,529	5,610,348	county wide total	271	55	158%
		Derek Bottles	151,240	1,814,880	city-wide total			(Ballard)
								percent based on
				Total Subsidy from these 11 last minute applications				2024 Targets
			Total county-wide	$ 38,620,368.00				compared to 2010
			Total city-wide	$ 12,493,224.00				total residential count
		What we get in return:	393 units with monthly rents between 1127 and 1884 per month					for that area

	Added May 2011
12	1139 NW Market Street	Broadway Koi	747,777	2,369,631		154	32	177% Ballard
		Alliance Residential Co

13	2622 California Avenue SW	Element 42	367,813	1,160,646		78	16	58% Admiral
		Madison Group						108% W. Seat. Junction

14	413 11^th Ave	Terraza aPodments	93,166	293,989		56	56	62% 12th Ave

15	500 12^th Avenue.	CHIPP	484,854	1,529,970		40	40	62% 12th Ave

16	12311 32^nd Avenue NE.	Lake City Apts	945,456	2,983,412		144	29	74% Lake City
		SeaMark Properties
		sutotal projects 12-16	2,639,066	8,337,648	Percent of GMA projected targets compared to 2011 Sept Residential Count

		Added Sept 30th 2011 to list after rules were changed
			city total tax shift	county and city shift
17	320 E Pine St	Stratford Development Company.	$621,110	$1,959,930		134	27	180% First Hill

18	1304 John St	Centro aPodments	$106,365	$335,639		56	56	25% South Lake Union
		Gary Mulhair
19	412 Broadway		$659,929	$2,082,425		118	24	62% 12th Ave
		Gerding Edlen Development
20	4600 36^th Avenue SW	Nova Apts	$271,736	$857,469		62	13	108% W. Seat. Junction
		Harbor Properties.
21	802 East Thomas Street	Harvard Flats	$349,374	$1,102,460		70	14	122% Capitol Hill
		W.R.P. Associates
22	Muriel’s Landing	5240 University Way NE	$656,047	$2,070,176		100	20	84% University District
		Schuster Group.
23	Spring Hills	5020 California Avenue SW	$757,317	$2,389,736		101	21	108% W. Seat. Junction
		F & M Development
24	954 E Union Apts		$349,374	$1,102,460		79	16	211% Commercial Core
		Seawest Investment Associates LLC
25	Lake City Senior Apts	13730 Lake City Way NE	$516,959	$1,631,278		104	21	74% Lake City
		Steve Smith Development
26	Joseph Arnold Lofts	2708 Elliot Avenue	$1,746,871	$5,512,302		132	27	42% Belltown
		The Schuster Group
		SubTotal Projects 17-26	$6,035,083	$19,043,875

					Percent of GMA projected targets compared to 2011 Sept Residential Count
				Cumulative Total for all 26 projects:		total units	set-asides
					26 projects	3466	860
			Total county-wide	$ 66,001,891
			Total city-wide	$ 21,167,373
	need below 40% of median (what they can afford)	amount average tenant can afford earning 55% of median		Price under old rules developer may charge for MFTE "set-asides"
	$ 600	775	studio	$ 1,199	studio	80% of median
	$ 642	831	1bdrm	$ 1,370	1 bedroom	80% of median
	$ 771	997	2bdrm	$ 1,734	2 bedroom	90% of median
	$ 890	1152	3bdrm
					Price under new rules for set-asides
	MFTE	Total subsidy	City Tax Shift		studio	$974
	2004-2008	17.9	$ 5.8		1 bdrm	$1,285
	2008-2010	57.2	$ 18.4		2 bdrm	$1,638
	3 added in Dec 2010	5	$ 1.5
	11 under wire thru Feb 2011	38.6	$ 12.5
	5 Projects May to Sept 2011	8.33	$ 2.6
	Most recent 10 thru Sept 2011	19.04	$ 6.00
	Total in millions since 2004:	$146	$ 46.8
	** These tax breaks are spread out over 12 years but can be 'frontloaded', i.e, cashed in effectively thru bank financing