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February 13, 2025

City adopts housing conversion bill

By JOURNAL STAFF

SEATTLE — The Seattle City Council has unanimously adopted new legislation that will create a tax exemption for the conversion of underutilized commercial property into residential housing.

This legislation will make office-to-housing conversions more affordable and feasible. Following a change in state law, the bill authorizes deferral of the 10.3% sales and use tax on the construction costs of converting commercial space to housing. To qualify, the developer is required to provide 10% of the new housing units as affordable for households with incomes at or below 80% of area median income. If the units are kept affordable for 10 years, the deferred sales and use taxes would be permanently waived.


 
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