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<br /> <br />ECC <br />UGENE ITY OUNCIL <br />AIS <br />GENDA TEM UMMARY <br /> <br /> <br /> <br /> <br />Adoption of Resolution 4955 Approving A Low-Income Rental Housing Property Tax <br />Exemption For The Property Located At 1070 West 6th, Eugene, Oregon (Assessor’s <br />Property Account Number 0473056). (St. Vincent dePaul Society of Lane County, Inc.) <br /> <br /> <br />Meeting Date: September 22, 2008 Agenda Item Number: 2C <br />Department: Planning and Development Staff Contact: Richie Weinman <br />www.eugene-or.gov Contact Telephone Number: 682-5533 <br /> <br /> <br /> <br /> <br />ISSUE STATEMENT <br /> <br />The City Council is asked to consider a resolution related to a low-income housing tax exemption. The <br />resolution grants a twenty-year property tax exemption for St. Vincent dePaul’s (SVDP) Vet Lift Phase <br />th <br />III project at 1070 West 6 Avenue. <br /> <br /> <br />BACKGROUND <br /> <br />The City of Eugene has a history of supporting increases to the supply of low-income housing. In order <br />to address the need, the council has adopted a variety of subsidy tools. One tool is the 20-year low- <br />income tax exemption. The council reviews each request on a case-by-case basis. <br /> <br />The City and other local taxing districts forgo revenue when property is exempted from taxes. A <br />property tax exemption plays a very significant role in reducing rents. This particular project will serve <br />chronically homeless veterans, a severely under-served population with very limited resources. The <br />development will have ten housing units and the residents will also receive intensive case management <br />services. <br /> <br />This project is supported by the Housing Policy Board. The council has previously approved $400,000 <br />of Community Development Block Grant (CDBG) funds to assist St. Vincent dePaul with acquisition of <br />the property and relocation of tenants. The City is also making an $118,201 CDBG loan for <br />rehabilitation. The loan is at 0% interest with payments deferred until the property is sold or transferred. <br /> <br /> <br />RELATED CITY POLICIES <br />Since 1987, the City Council has adopted annual goals related to homelessness and increasing the <br />availability of low-income housing. A current goal is to “Help the Homeless in Eugene.” For low- <br />income households, this always requires subsidies. Support for low-income housing also is found in the <br />City’s Growth Management Goals and the adopted HUD Consolidated Plan. <br /> <br /> <br /> <br /> Z:\CMO\2008 Council Agendas\M080922\S0809222C (att A and C).doc <br /> <br />