Resolution No. 4623 - Laserfiche WebLink

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2.10.5 The property is owned or being purchased by a nonprofit corporation that 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, or for the provision of on-site child care services for the residents of the rental property. F or purposes of this subsection, a nonprofit corporation that has only a leasehold interest in property is considered to be a purchaser of that property if the nonprofit corporation is obligated under the terms of the lease to pay the ad valorem taxes on the real and personal property used in the rental activity on that property, or the rent payable has been established to reflect the savings resulting from the exemption from taxation. 3. Application for Exemption. Prior to December 1 of the calendar year immediately preceding the first assessment year for which the exemption is requested, or, if the property is acquired after November 1, within 30 days of the date of acquisition, but no later than January 1 of the next calendar year, the applicant shall submit to the City Manager, on a form provided by the City Manager, an application for exemption, containing the following information: 3.1 A description of the property or portion thereof, for which the exemption is requested; 3.2 A description of the purpose of the project and whether all or a portion of the property will be used for that purpose; 3.3 A certification of the income levels of low-income occupants; 3.4 A description of how the tax exemption will benefit project occupants; 3.5 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; 3.6 Evidence that, if occupied, the property is occupied solely as a residence for low-income persons; 3.7 If the application is for an exemption described in subsection 2.10, evidence that the property is owned or being purchased by a nonprofit corporation which meets the criteria for a public benefit corporation as described in ORS 65.001(31), or a religious corporation, as described in ORS 65.001(33); and 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, or for the provision of on-site Standards and Guidelines - 3