Resolution No. 4623 - Laserfiche WebLink

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Exhibit "A" to Resolution No. 4623 AMENDED STANDARDS AND GUIDELINES FOR PROCESSING APPLICATIONS FOR NEW LOW-INCOME RENTAL HOUSING LOCAL PROPERTY TAX EXEMPTION UNDER ORS 307.515 TO ORS 307.537 Pursuant to the provisions of Resolution No. 4623 of the City Council of the City of Eugene, the City Manager shall be governed by the following rules in considering applications filed after January 1, 2000 and making recommendations for local property tax exemption for new low-income rental housing and property held for the purpose of developing low income rental housing. ADMINISTRATIVE PROCESS F or purposes of these rules, the following words and phrases mean: City Manager. The City Manager of the City of Eugene, or his or her designee. Low-income. 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 Services. Low-Income Rental Housing. Rental housing constructed after February 12, 1990 which is occupied by low-income persons. 1. Statement of Program Purpose. The purpose of the low-income rental housing local property tax exemption program is to provide an incentive that will encourage construction of new rental housing for low-income persons. 2. Eligible Property. To be eligible for local property tax exemption hereunder: 2.1 Ifunoccupied, the property is offered for rental solely as a residence for low-income persons, or held for the purpose of developing low income rental housing; 2.2 If occupied, the property, or portion thereof subject to the property tax exemption, must be occupied solely as a residence for low-income persons; 2.3 The required rent payment must reflect the full value of the property tax exemption; 2.4 The housing units on the property must be constructed after February Standards and Guidelines - 1