Multifamily Tax Exemption Program and Beryl
Beryl apartments is a proud participant in Seattle’s Multifamily Tax Exemption (MFTE) program—a city initiative that enables us to offer reduced rate income-restricted units alongside market-rate apartments within the same building. We hope we can help you better understand the eligibility requirements and the MFTE application process.
About MFTE Income Limits
Certain properties are eligible to enter an agreement with the City of Seattle to set aside a certain percentage of units to participate within the MFTE program where those units have income limit requirements based on the Area Median Income (AMI) that the City of Seattle maintains. That percentage of AMI is set for the length of the agreement and remains in place for as long as the property participates in the program. Beryl apartment’s Studios are set with a 65% AMI limit and it’s One Bedrooms are set with a 75% AMI limit. All renters must meet our income requirement of a minimum of 2.5 times the rent as a minimum income level in addition to the program’s income caps. Below is a table that gives an income eligibility range for each unit based on family size:
| Family Size | Studios (Min -> Max) |
1 Bedrooms (Min -> Max) |
|---|---|---|
| 1 | $44,640 -> $68,510 | $56,280 -> $79,050 |
| 2 | $44,640 -> $78,325 | $56,280 -> $90,375 |
| 3 | $44,640 -> $88,140 | $56,280 -> $101,700 |
| 4 | $44,640 -> $97,955 | $56,280 -> $113,025 |
| 5 | $44,640 -> $105,820 | $56,280 -> $122,100 |
| 6 | $44,640 -> $113,685 | $56,280 -> $131,175 |
How Do I Determine Household Size?
The MFTE program uses a specific definition of household that includes all adult household members and children. Includes unborn children of pregnant women, children in the process of being adopted, and children that are in the household at least 50% of the time. Guests, guarantors, live-in aides, and foster children do not count toward the household size.
What Is Considered Income?
| Income Source | What counts as income | Documentation to have on hand |
|---|---|---|
| Employment Income | Gross wages, tips, commissions, bonuses, shift differential, raises and overtime anticipated to be earned in next 12 months. No deductions are allowed for wage garnishments, healthcare, taxes, etc. Deductions may be allowable for reimbursed workrelated expenses. | Provide employer contact information to property- they will contact your employer directly. Have six most recent consecutive paystubs available as back up if requested. If your employer uses the Work Number of similar income verification service, the cost may be passed on to you. |
| Self-Employment | Net amounts earned from the business. Gross income – business expenses – interest on loans unrelated to business expansion – deprecation of business assets. | Self-Employment Verification Form will be provided to you. For businesses one year or older, have most recent signed 1040 with schedules, or if business less than a year old, bring Profit and Loss statement. Additional documentation may be required to support amounts disclosed. |
| Social Security Income | Anticipated payments to be received during 12-month period. | Bring award letter or most recent SSI benefits statement. Property may contact Social Security Administration directly. |
| Child Support | Anticipated payments to be received during 12-month period. | Complete Child Support Affidavit on-site or bring print out from DSHS Support Enforcement or notarized letter from parent paying support. |
| Alimony/Spousal Payments | Anticipated payments to be received during 12-month period | Decree or letter submitted by applicant. |
| Public Assistance | Anticipated payments to be received during 12-month period. Food stamps, HUD housing assistance (Section 8) and Shelter Plus Care are excluded from the income calculation for the purposes of MFTE/IZ/MHA eligibility only. | Property will send form to agency or applicant may submit most recent benefits statement. |
| Unemployment, L&I Disability | Anticipated amounts to be received during 12-month period. | Property will send Unemployment Benefits Verification form to agency or applicant may submit most recent benefits statement. |
| Military Pay | Anticipated gross amounts to be received during 12-month period. | Leave and Earnings Statement or property will submit Military Pay Verification Form to Commanding Officer. |
| Other Periodic Distributions | Anticipated amounts to be received during 12-month period. | Form submitted to financial institution or statement of income received. |
| Gift Income | Anticipated amounts to be received during 12-month period. | The person providing income will complete and have notarized a Gift Affidavit. |
| Rental Property Income | Net of rental payments less mortgage payments, taxes, insurance, maintenance costs. | Most recent signed 1040 tax form with Schedule E. |
| Education AssistanceStudent Loans, Grants, Work Study, Financial Aid Packages Post 9/11 GI Bill | Student financial assistance (grants, loans, work study, financial aid packages etc.) are excluded from income for the purposes of the income certification only, unless the tenant has a Section 8 voucher. The Post 9/11 GI Bill is also excluded in full. The basic allowance for housing is excluded as well. | Provide FAFSA and/or WASFA application and financial aid award letters to property and documentation showing student status. Please note that income provided by family or other sources that is not part of a student financial aid package, even if used for tuition payments, must be counted as gift income. |
| Other Income Sources | Anticipated amounts to be received during 12-month period. | Dependent on source. |
| Asset | What counts as income | Documentation to have on hand |
|---|---|---|
| Checking Account | Interest income anticipated to be received (if interest bearing account) during 12- month period. | Have six most recent account statements available to quickly provide the asset value and income earned from assets. Full, unredacted statements must be provided. |
| Savings Account | Interest income anticipated to be received during 12-month period. | Have six most recent account statements available to quickly provide the asset value and income earned from assets. Full, unredacted statements must be provided. |
| Stocks, Bonds, Money Market Funds, CDs, IRA, 401k, Annuities. | $Interest income anticipated to be received during 12-month period. | Recommend bringing recent monthly/quarterly statements. Property will either submit Annuity, Stock, and 401k Verification Form to financial institution or will accept statements submitted by applicant showing asset value and interest earned. |
| Trusts | If beneficiary of a trust and has access, will calculate any interest. If receiving recurring payments, these will be counted as income. If grantor and trust is revocable, any interest on value is counted. If grant and trust is nonrevocable, it is not counted. | Applicant will provide documentation showing terms of trust, any recurring payments received. Additional information may be requested. |
| Personal Property Held as an Investment | Personal property is typically not counted unless it is being held as an investment. Assets that are part of active business are not counted. Interest income will be calculated at actual amount or minimum imputed value of 0.06%. | Documentation provided by applicant, including appraisal. |
| Assets Disposed of For Less Than Fair Market Value in Prior 2 years | of For Less Than Fair Market Value in Prior 2 years Asset value is difference between the fair market value of the asset and the amount received for the asset. Interest income will be calculated at actual amount minimum imputed value of 0.06%. | Self-certification by applicant or person who purchased or received asset and an appraisal. |
| Cash on Hand | Asset value is current amount of cash on hand, income will be amount as if earning interest at 0.06%. | Cash on Hand Affidavit will be provided by property. Only include if cash on hand is $1,000 or more. |
How Do I Apply?
Select an MFTE unit from the floorplan page and submit an standard online application. Once you have submitted a standard rental application, every adult in your household will need to complete an Income Declaration (ID) form, detailing all anticipated income for the 12 months following your move-in date. We then collect supporting documentation—such as pay stubs, tax returns, or benefit statements—to verify your income. Using a standardized calculation process, we compare your total gross income to the unit’s income cap. If your income qualifies, we finalize your Tenant Income Certification (TIC) that will review and sign, allowing you to move into one of our MFTE units. Typically, this process takes up to two weeks.
For additional guidance we suggest visiting the City of Seattle’s official MFTE webpage and recommend reading the Renter’s Guide to Market-Rate Apartment Buildings with Affordable Units.