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<br /> <br />ECC <br />UGENE ITY OUNCIL <br />AIS <br />GENDA TEM UMMARY <br /> <br /> <br /> <br /> <br /> <br />Adoption of Resolution 4917Approving a Low-Income Rental Housing Property Tax <br />Exemption for the Property Located at 1025 West 7th, Eugene, Oregon (Assessor’s <br />Property Account Number 0473015) (St. Vincent De Paul Society of Lane County, Inc.) <br /> <br /> <br />Meeting Date: October 8, 2007 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 20-year property tax exemption for St. Vincent dePaul’s (SVDP) Vet Lift Phase II <br />th <br />project at 1025 W. 7 Avenue. <br /> <br /> <br />BACKGROUND <br /> <br />The council has a history of supporting low-income housing tax exemptions and has approved virtually <br />every request to-date from both non-profit and for-profit entities. <br /> <br />A key element in creating lower-cost, affordable housing for low-income families is an exemption from <br />property taxes for 20 years. A property tax exemption plays a very significant role in reducing rents. <br />This particular project will serve chronically homeless veterans, a severely under-served population with <br />very limited resources. The development will have 12 housing units and the residents will also receive <br />intensive case management services. <br /> <br />The City and other local taxing districts forgo revenue when property is exempted from taxes. The <br />project is supported by the Housing Policy Board. The City Council has previously approved a <br />$275,000 HOME grant for this project and the City is also likely to make a substantial Rental <br />Rehabilitation Loan. <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 is also found in the <br />City’s Growth Management Goals and the adopted Housing and Urban Development (HUD) <br />Consolidated Plan. <br /> <br /> <br />COUNCIL OPTIONS <br /> <br />City Council may approve or deny the tax exemption. <br /> F:\CMO\2007 Council Agendas\M071008\S0710082C.doc <br /> <br />