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This website estimates the potential impacts of market-based incentives for income-restricted affordable housing production. The resource is presented as-is, and is for general reference and information only. The data provided here is for illustration purposes only and is not suitable for site-specific decision making. Information found here should not be used for making financial or any other commitments. The City of Tacoma provides this information with the understanding that is it not guaranteed to be accurate, correct, or complete, and conclusions drawn from such information are the responsibility of the user.

The City of Tacoma does not guarantee or accept any liability for the accuracy, completeness, reliability, or suitability of the information included in this dashboard, and this information is subject to change without notice. This dashboard is provided subject to the express condition that the user waives any and all claims for damages that arise from the use of this information.

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Overview

The City of Tacoma’s Affordable Housing Action Strategy outlines four strategic objectives to guide its housing investments over the next 10 years. One of these objectives—to create more homes for more people—focuses on increasing the affordable housing supply within the city, particularly among households with the greatest unmet need (those earning 50 percent of area median income or less). The City of Tacoma aims to achieve this objective through a combination of actions, some of which devote additional public funding to affordable housing development and some of which harness the city’s growing market strength to produce new income-restricted units. The Housing Market Policy Dashboard provided the basis for policy approaches proposed in the AHAS, and it will serve as a dashboard for the City of Tacoma to monitor and adjust its market-based policies over time

This dashboard estimates the potential impacts of market-based incentives for income-restricted affordable housing production. It works by modeling the financial viability of multifamily housing development on over 1,100 potential development sites across the city, based on conditions in early 2018. Outcomes vary based on site conditions, differences in market rents, and development regulations.

Key Assumptions

  • Development will only occur where it is financially feasible.
  • Developers will choose to build to the full capacity allowed by zoning.
  • Developers will select the option with the greatest rate of return.
  • 10-year housing production estimates will not exceed the Puget Sound Regional Council (PSRC) growth forecast.

Notes for Interpreting Results

Some sites may not be financially viable for market-rate development when built to full capacity, but may be viable for lower density development that has lower construction costs. However, this tool focuses on midrise and highrise apartment buildings only. Smaller projects are less likely to produce significant affordable housing through market-based incentives or requirements.

For more details on the model and assumptions, please see the Tacoma Affordable Housing Action Strategy.

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Current Scenario

MFTE Option 1:

MFTE Option 2:

Mandatory IZ:

IZ In-Lieu Fee:

Building Height:

Parking Req.:

Baseline Condition Adjustments

Future Growth and Demand

Market Rents:

Const. Costs:

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Housing Market Policy Dashboard

Tacoma Affordable Housing Action Strategy

Overview

The City of Tacoma’s Affordable Housing Action Strategy outlines four strategic objectives to guide its housing investments over the next 10 years. One of these objectives—to create more homes for more people—focuses on increasing the affordable housing supply within the city, particularly among households with the greatest unmet need (those earning 50 percent of area median income or less). The City of Tacoma aims to achieve this objective through a combination of actions, some of which devote additional public funding to affordable housing development and some of which harness the city’s growing market strength to produce new income-restricted units. The Housing Market Policy Dashboard provided the basis for policy approaches proposed in the AHAS, and it will serve as a dashboard for the City of Tacoma to monitor and adjust its market-based policies over time.

This dashboard estimates the potential impacts of market-based incentives for income-restricted affordable housing production. It works by modeling the financial viability of multifamily housing development on over 1,100 potential development sites across the city, based on conditions in early 2018. Outcomes vary based on site conditions, differences in market rents, and development regulations.

Key Assumptions

  • Development will only occur where it is financially feasible.
  • Developers will choose to build to the full capacity allowed by zoning.
  • Developers will select the option with the greatest rate of return.
  • 10-year housing production estimates will not exceed PSRC growth forecast.

Notes for Interpreting Results

Some sites may not be financially viable when built to full capacity, but may be viable for much lower density development. However, this dashboard focuses on midrise and highrise multifamily development projects only. Smaller projects are less likely to produce significant affordable housing through market-based incentives.

For more details on the model and assumptions, please see the Tacoma Affordable Housing Action Strategy.

How to Use This Dashboard

Controls

Zoom. Zoom in and out using this slide bar, the “+” and “-” buttons on your keyboard, or your mouse wheel.
Return to starting extent. Reposition the mapping window to the initial extent showing the entire City.

Sidebars

Inputs. Choose from a range of regulatory options and anticipated market conditions.
Map Overview. This tab provides an overview of the mapping dashboard and a summary of the controls used.
Map Legend. Change the base layers and add or remove map layers from the view.
Expected Outcomes. See how regulatory inputs and anticipated market conditions are expected to impact development of affordable and market-rate units in Tacoma.
Data Sources and Methodology. Informaton about available technical documentation.

Map Legend

Apartment Development Potential

Likelihood of Development

Housing Unit Capacity

Notes for Interpreting Results

Some sites may not be financially viable for market-rate development when built to full capacity, but may be viable for lower density development that has lower construction costs. However, this tool focuses on midrise and highrise apartment buildings only. Smaller projects are less likely to produce significant affordable housing through market-based incentives or requirements.

For more details on the model and assumptions, please see the Tacoma Affordable Housing Action Strategy.

Expected Outcomes

Income-Restricted Housing

Expected units produced over 10 years:

  • Inclusionary housing units (50 years): 0
  • MFTE housing units (up to 12 years): 3

Apartment Unit Production Over 10 Years

Income-Restricted Unit Production over 10 Years

Strategic Objective 1 in the AHAS aims to create more homes for more people. Use of market-based policies will support the city’s target of producing 6,000 new units in 10 years.

In-lieu Payments

  • Percentage of total units electing for in-lieu payments: N/A
  • Amount received from in-lieu payments: N/A

Data Sources and Methodology

See the Technical Documentation for details about the data sources, methodology, and assumptions that support to this dashboard.

See the Tacoma Affordable Housing Action Strategy for more information about how market-based policies fit into Tacoma’s overall vision for addressing housing affordability challenges.

 Inputs
 Overview
 Legend
 Outcomes
 Sources