Affordable Housing Through MFTE
The Cove is proud to participate in Seattle’s Multifamily Property Tax Exemption (MFTE) program. This program provides a tax exemption in exchange for setting aside 20% of a community’s apartment units as income and rent-restricted. This ensures affordability as our neighborhood and city grow!
Income Thresholds
In order to qualify for MFTE homes at the Cove, household income must be below the following
Studio: 65% of the area median income
1-bedroom: 75% of the area median income
2-bedroom: 85% of the area median income
Application Process
The Cove is in MFTE Program 4. In this version of the program, prospective residents must only qualify for the program at the time of application. Unlike in newer veresions of the program, residents do NOT need to requalify on an annual basis and risk losing their MFTE discount!