Ordinance No. 20192 - Laserfiche WebLink

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ORDINANCE NO. 20192 AN ORDINANCE CONCERNING LOW INCOME RENTAL HOUSING PROPERTY TAX EXEMPTION, AND AMENDING SECTIONS 2.938, 2.939, AND 2.940 OF THE EUGENE CODE, 1971. THE CITY OF EUGENE DOES ORDAIN AS FOLLOWS: Section 1. Subsection (1)(h) and (1)(e) of Section 2.938 of the Eugene Code, 1971 are amended, a new Subsection (1)(i) is added thereto, and the current Subsection (1)(i) is relettered (1)(j), to provide: 2.938 Low-Income Rental Housing Property Tax Exemption - Application. (1) An application for exemption from property taxes hereunder for low-income rental housing units constructed after February 12, 1990 shall be filed with the city manager, on a form provided by the city manager, which shall contain the following, if applicable: (e) Evidence that, if unoccupied, the property is offered for rental solely as a residence for low-income persons, or is held for the purpose of developing low income rental housing; (h) Evidence that the nonprofit corporation expends no more than ten percent of its annual income from residential rentals for purposes other than acquisition, maintenance or repair of residential rental property for low-income persons; (i) A description of the plans for development of the property if the property is being held for future low income rental housing development; and (j) Any other information required by the city manager. Section 2. Subsections (2)(a), (2)(b), (3)(a), and (3)(c) of Section 2.939 of the Eugene Code, 1971, are amended to provide: 2.939 Low-Income Rental Housing Property Tax Exemption - Review, Approval or Denial of Application. (2) Upon receipt of the city manager's recommendation the council shall consider the application and grant or deny the property tax exemption. The city manager shall recommend Ordinance - 1