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<br />b. Also, it is assumed that the compensation in #6 will not cover 100 percent of the <br />resident’s loss, so in that sense the resident is also making a major “contribution. <br /> <br />8) Residents of parks in industrial or commercial zones or flood plains are entitled to 50% of <br />the assistance received by owners in residentially zoned parks because those parks <br />have long been anticipated to close and convert to other uses. <br /> <br />9) Local governments should encourage the creation or preservation of existing parks as <br />affordable housing: <br /> <br />a. By assisting residents to purchase their parks from willing park landlord sellers or <br />by assisting nonprofits or the Housing and Community Services Agency (HACSA) to <br />buy parks (both possibly with income restrictions), and <br /> <br />c. By providing land for new parks. <br /> <br /> <br /> <br />HB 2735: <br /> <br />Extends the sunset date on the current $10,000 tax credit for residents displaced by a <br />closure. Expands it to be available and refundable to all displaced residents, regardless of <br />income or whether they are able to move their homes (also in HB 2600) <br /> <br />Extends the sunset on the capital gains break for landlords who sell to entities that will <br />preserve the park (also HB 2600) <br /> <br />Clarifies the law regarding closures: only for conversion to another use; copy of notice to <br />Oregon Housing and Community Services (OHCS) and known lenders; spells out contents <br />of notice, including information on adjusting assessed values of Manufactured Homes. <br /> <br />5 year property tax assessed valuation freeze on park land after closure. <br /> <br /> L:\CMO\2007 Council Agendas\M070611\S070611B.doc <br /> <br />