The City of Puyallup's Multifamily Property Tax Exemption Program (MFTE) provides a tax incentive to encourage the development of multifamily housing units in targeted areas of Puyallup. It also:
Encourages increased residential opportunities, including affordable housing units, within areas of the city designated by the City Council as residential targeted areas.
Stimulates new construction or rehabilitation of existing vacant and underutilized buildings for multifamily housing.
Assists in directing future population growth to designated residential targeted areas, thereby reducing development pressure on single-family residential neighborhoods.
Achieves development densities which are more conducive to transit use in designated residential targeted areas.
The MFTE is currently only available in the Downtown Regional Growth Center. Technically, PMC 3.70 calls it the "residential targeted area" which “includes all properties within the central business district (CBD) zone district as denoted on the official city zoning map. In addition, the residential targeted area shall also consist of all properties directly south of the existing central business district zone southern perimeter within the area bound by 3rd Street SW, 7th Avenue and 2nd Street SE.