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Item 7: Resolution Approving a Low-Income Rental Housing Tax Exemption - River Road
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Item 7: Resolution Approving a Low-Income Rental Housing Tax Exemption - River Road
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11/26/2012
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development is inconsistent with the City’s Housing Dispersal Policy. The City Attorney has determined <br />the proposed housing is not considered subsidized housing for the purposes of the Housing Dispersal as <br />the policy defines low-income as those at 50 percent AMI and this development targets those at 60 <br />percent AMI. <br /> <br />A decision to approve or deny this tax exemption request must be based on the criteria included in the <br />City’s Code. <br /> <br />Summary of the low-income rental housing property tax exemption program <br /> <br />The City adopted the low-income rental housing property tax exemption program in 1990. Since then, <br />Eugene has approved tax exemptions for more than 20 developments with over 1,000 units. In 2011, the <br />council unanimously approved extending the 20-year low-income rental housing property tax exemption <br />program for an additional 10 years. The approved ordinance also permits recipients to reapply for the <br />20- year low-income rental housing property tax exemption after the initial 20 year period has expired. <br /> <br />The council reviews each tax exemption request on a case-by-case basis. Most recently, the council <br />approved a low-income rental housing tax exemption for St. Vincent de Paul’s Stellar Apartments in <br />July 2012. <br /> <br />Approval of the low-income rental housing property tax exemption <br /> <br />If an application meets the substantive criteria [EC 2.939(2)(a)-(i) or EC 2.939(3)(a)-(e)], the City must <br />grant the exemption by resolution. A decision to deny the exemption cannot be made by simple motion <br />or inaction; it would need to be made by a resolution that explains how the applicant has failed to <br />demonstrate that the tax exemption meets applicable criteria for approval. <br /> <br />The requested exemption meets the substantive criteria [EC 9.239(2)(a)-(i)] as shown below and in the <br />Community Development Manager’s Report and Recommendation (Attachment A). <br /> <br /> <br />EC 2.939(2) <br />Upon receipt of the City Manager's recommendation, the council shall consider the <br />application and grant or deny the property tax exemption. The City Manager shall recommend approval <br />of an application, and the council shall grant the exemption upon determining satisfactory compliance <br /> <br />with or mitigation of the following criteria: <br />(a) If unoccupied, the property: <br /> 1. Is offered for rental solely as a residence for low-income persons; or <br /> 2. Is held for the purpose of developing low-income rental housing; <br />The property, or portion thereof subject to the property tax exemption, will be occupied solely as a <br />residence for low-income persons. The property is currently vacant. <br /> <br />One hundred percent of the development, once constructed, will be offered to families and individuals at <br />60 percent area median income (AMI). Low-income is defined under Eugene Code 2.937 as “Income at <br />or below 60 percent of the area median income as determined by the State Housing Council based on <br />information from the United States Department of Housing and Urban Development.” <br /> <br />(b) If occupied, the property, or portion thereof subject to the property tax exemption, is occupied solely <br />as a residence for low-income persons; <br />The property is not occupied. <br /> <br />(c) The required rent payment reflects the full value of the property tax exemption. <br />Without the LIRPTE, the low rents cannot be achieved to meet limits prescribed by the Low-Income <br />S:\CMO\2012 Council Agendas\M121126\S1211267.doc <br />
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