Resolution No. 5074 - Laserfiche WebLink

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REPORT AND RECOMMENDATION of the Community Development Manager of the Planning and Development Department Application of Evergreen Housing Development Group, LLC For Low Income Rental Housing Property Tax Exemption (Section 2.937 to 2.940 of the Eugene Code, 1971) for Property adjacent to 1410 River Road, Eugene, Oregon The Community Development Manager of the Planning and Development Department of the City of Eugene finds that: 1. Evergreen Housing Development Group, LLC entered into a Purchase and Sale Agreement for the acquisition of real property located adjacent to 1410 River Road, Eugene, Oregon, 97404 (Assessor's Map 17- 04- 13 -33; Tax Lot No. 04601; Assessor's Property Account Number 1837937). Evergreen Housing Development Group, LLC ( "the applicant "), located at PO Box 31879, Seattle, WA 98103 has submitted an application pursuant to Subsection 2.939(2) of the Eugene Code, 1971, for an exemption from ad valorem taxes under the City's Low - Income Rental Housing Property Tax Exemption Program (Sections 2.937 to 2.940 of the Eugene Code, 1971). 2. 1 have reviewed the application and find that the applicant has submitted all materials, fees and documents required by the application, and is in compliance with the provisions of EC 2.939(2). Specifically I find: (a) The property, or portion thereof subject to the property tax exemption, will be occupied solely as a residence for low- income persons. The property is currently vacant. The proposed development includes 216 units of rental housing for low- income people earning 60% or less of area median income. 100% of the development, once constructed, will be offered to families and individuals at 60% area median income (AMI). Low- income is defined under Eugene Code 2.937 as "Income at or below 60 percent of the area median income as determined by the State Housing Council based on information from the United States Department of Housing and Urban Development." (b) The property is not occupied. (c) The required rent payment reflects the full value of the property tax exemption. Without the LIRPTE, the low rents cannot be achieved to meet limits prescribed by the Low - income Housing Tax Credit LIHTC program that will be used to fund development. Without the LIRPTE the debt coverage ratio (net operating income River Road Apartments /Evergreen Housing Report and Recommendation - Page 1 of 3