Multifamily Tax Exemption

*Starting 8/1/2021 – Vivid Roosevelt will begin accepting applications from qualified applicants for 1 and 2 Bedrooms units.
VIVID Roosevelt is proud to participate in the Multifamily Property Tax Exemption (MFTE) program. The MFTE program provides a tax exemption on new multifamily buildings in exchange for setting aside 20% of the homes as income- and rent-restricted. By supporting mixed-income residential development in the urban centers, the MFTE program ensures affordability as the community grows.

In order to qualify for MFTE homes at VIVID Roosevelt , household income must be below 75% of the area median income for 1 bedrooms and below 85% for 2 bedrooms.  View more information on Current Income Limits.

Please send a completed Resident Eligibility Application and Employment Verification to leasing@vividroosevelt.com within 24 hours of applying in order to qualify.

Multifamily Tax Exemption

*Starting 8/1/2021 – Vivid Roosevelt will begin accepting applications from qualified applicants for 1 and 2 Bedrooms units.
VIVID Roosevelt is proud to participate in the Multifamily Property Tax Exemption (MFTE) program. The MFTE program provides a tax exemption on new multifamily buildings in exchange for setting aside 20% of the homes as income- and rent-restricted. By supporting mixed-income residential development in the urban centers, the MFTE program ensures affordability as the community grows.

In order to qualify for MFTE homes at VIVID Roosevelt , household income must be below 75% of the area median income for 1 bedrooms and below 85% for 2 bedrooms.  View more information on Current Income Limits.

Please send a completed Resident Eligibility Application and Employment Verification to leasing@vividroosevelt.com within 24 hours of applying in order to qualify.

FAQ

The Rent on an MFTE home is lower than the rest of the available apartments. How can I rent one of these homes at a lower rate?

The rents on an MFTE homes are set forth by the City of Seattle, Office of Housing.  Any applicant that chooses to apply for these MFTE homes must meet specific income restrictions and thresholds.  These income restrictions can be found www.seattle.gov/housing/property-managers/income-and-rent-limits  In addition to meeting these City requirements, any applicants must also meet the VIVID Roosevelt Rental and Occupancy criteria guidelines.  This criteria can be found on the VIVID Roosevelt website when applying for an apartment.

Are MFTE rents permanent? meaning my rent will always remain the same?

No. The City of Seattle releases new income and rent limits on an annual basis approximately every May.  Example:  If the City of Seattle releases new rental limits in May and your lease ends in September, your lease renewal may have an increased rent based upon the new thresholds.

What do I need to do in order to rent an MFTE home?

You must first go to the MFTE tab on the VIVID Roosevelt website and click on the link that will inform you of the income restrictions.  You will assess your income and compare it to the limitations set forth by the City of Seattle. If you make too much money,  you will need to apply for an apartment home that is NOT an MFTE home. If you do qualify, you will need begin the process by reading the VIVID Roosevelt Rental and Occupancy criteria guidelines and then choosing to apply for the MFTE apartment home and putting down the deposit.  Once you have completed that, you must immediately download the Resident Eligibility Application and the Employment Verification forms from the VIVID Roosevelt Website, also located on the MFTE tab.  These Seattle forms must be filled out and returned to the leasing office as well as any other required documents.

My current income qualifies for an MFTE home right now but next year I will be getting a raise in my annual income and I will be over the city's income restrictions. Will I still qualify?

Yes and No.  VIVID Roosevelt is required by the City of Seattle to re-qualify all MFTE residents every year upon renewal.  The income restrictions come out approximately every year in May.  The increase in income from 2018 to 2019 was 7.7%.  When that goes into effect, you may still qualify depending on what your raise is and what the income limitations get raised to if any.  If you make over the current restrictions upon the time of your renewal, you will not qualify.

My annual income is only a small amount over current Seattle income restrictions. Can I still qualify?

No. The income restrictions are closely monitored by the City of Seattle and there is no wavering or grey area.  Example:  For 2021, the income restriction for a 1 person household at 75% AMI (area median income) is $60,740.  If you are a 1 person household and your annual salary is $60,900, you will not qualify.

What other discounts do I get if I qualify for an MFTE unit?

The City of Seattle offers a utility concession that is based upon the number of bedrooms in the home.  This concession has already been taken out of the monthly rent for VIVID Roosevelt.  This means that a resident of an MFTE home must pay all utilities.  Example:  As of 1/1/2019 the utility discount for a 1 bedroom is $115 and covers all necessary utilities.  The rent limitation for a 1 bedroom at 75% AMI is $1735.  Since the residents of VIVID Roosevelt are responsible for all necessary utilities and non-optional fees ($4 for submeter fee and $20 for Renter Benefit Package – Insurance),  the effective rent for a 1 bedroom MFTE would need to be $1596 or less ($1735-$115-$4-$20).  There are no discounts on monthly expenses that are freely chosen as an addition by the resident.  Examples of these are:  Cable TV, parking fees, pet rent, common area rental etc.

FAQ

The Rent on an MFTE home is lower than the rest of the available apartments. How can I rent one of these homes at a lower rate?

The rents on an MFTE homes are set forth by the City of Seattle, Office of Housing.  Any applicant that chooses to apply for these MFTE homes must meet specific income restrictions and thresholds.  These income restrictions can be found HERE.    In addition to meeting these City requirements, any applicants must also meet the VIVID Roosevelt Rental and Occupancy criteria guidelines.  This criteria can be found on the VIVID Roosevelt website when applying for an apartment.

Are MFTE rents permanent? meaning my rent will always remain the same?

No. The City of Seattle releases new income and rent limits on an annual basis approximately every May.  Example:  If the City of Seattle releases new rental limits in May and your lease ends in September, your lease renewal may have an increased rent based upon the new thresholds.

What do I need to do in order to rent an MFTE home?

You must first go to the MFTE tab on the VIVID Roosevelt website and click on the link that will inform you of the income restrictions.  You will assess your income and compare it to the limitations set forth by the City of Seattle. If you make too much money,  you will need to apply for an apartment home that is NOT an MFTE home. If you do qualify, you will need begin the process by reading the VIVID Roosevelt Rental and Occupancy criteria guidelines and then choosing to apply for the MFTE apartment home and putting down the deposit.  Once you have completed that, you must immediately download the Resident Eligibility Application and the Employment Verification forms from the VIVID Roosevelt Website, also located on the MFTE tab.  These Seattle forms must be filled out and returned to the leasing office as well as any other required documents.

My current income qualifies for an MFTE home right now but next year I will be getting a raise in my annual income and I will be over the city's income restrictions. Will I still qualify?

Yes and No.  VIVID Roosevelt is required by the City of Seattle to re-qualify all MFTE residents every year upon renewal.  The income restrictions come out approximately every year in May.  The increase in income from 2018 to 2019 was 7.7%.  When that goes into effect, you may still qualify depending on what your raise is and what the income limitations get raised to if any.  If you make over the current restrictions upon the time of your renewal, you will not qualify.

My annual income is only a small amount over current Seattle income restrictions. Can I still qualify?

No. The income restrictions are closely monitored by the City of Seattle and there is no wavering or grey area.  Example:  For 2021, the income restriction for a 1 person household at 75% AMI (area median income) is $60,740.  If you are a 1 person household and your annual salary is $60,900, you will not qualify.

What other discounts do I get if I qualify for an MFTE unit?

The City of Seattle offers a utility concession that is based upon the number of bedrooms in the home.  This concession has already been taken out of the monthly rent for VIVID Roosevelt.  This means that a resident of an MFTE home must pay all utilities.  Example:  As of 1/1/2019 the utility discount for a 1 bedroom is $115 and covers all necessary utilities.  The rent limitation for a 1 bedroom at 75% AMI is $1735.  Since the residents of VIVID Roosevelt are responsible for all necessary utilities and non-optional fees ($4 for submeter fee and $20 for Renter Benefit Package – Insurance),  the effective rent for a 1 bedroom MFTE would need to be $1596 or less ($1735-$115-$4-$20).  There are no discounts on monthly expenses that are freely chosen as an addition by the resident.  Examples of these are:  Cable TV, parking fees, pet rent, common area rental etc.

APPLY NOW

READY TO COME HOME TO VIVID?
$45 per person to apply.
$30 Pet Application Fee per pet (if applicable)

Note: We don’t accept comprehensive reusable tenant screening reports (also known as portable screening reports) and will screen applicants as they apply.

APPLY NOW

READY TO COME HOME TO VIVID?
$45 per person to apply.
$30 Pet Application Fee per pet (if applicable)

Note: We don’t accept comprehensive reusable tenant screening reports (also known as portable screening reports) and will screen applicants as they apply.