Bellevue Chamber PLUSH Committee Supports City Staff’s Recommended MFTE Updates

Bellevue is facing a tough development environment, higher interest rates, elevated construction costs, and feasibility challenges that make many multifamily projects difficult to finance and build. In that context, the Bellevue Chamber’s PLUSH Committee submitted the following letter to Mayor Malakoutian and the Bellevue City Council in support of City staff’s recommended updates to the Multifamily Tax Exemption (MFTE) program. We strongly support the Wilburton MFTE “supercharger,” proposed transit-oriented parking reforms, and continued consideration of 12-year MFTE extensions as part of a balanced approach to preserving feasibility while expanding housing options in Bellevue.