Ordinance No. 19595 - Laserfiche WebLink

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ORDINANCE N0. 19595 AN ORDINANCE ESTABLISHING A PROGRAM FOR TAX EXEMPTION OF LOW INCOME HOUSING PROVIDED BY TAX EXEMPT CORPORA- TIONS; AND ADDING SECTIONS 2,910, 2.912, 2.914, 2.916, 2.918, 2.920, AND 2.922 TO THE EUGENE CODE, 1971. THE CITY OF EUGENE DOES ORDAIN AS FOLLOWS: Section 1. Sections 2.910, 2,912, 2.914, 2.916, 2.915, 2.920, and 2.922 are hereby added to the Eugene Code, 1971, to provide: 2.910 Low Income Housin Tax Exem tion - Definitions. For purposes of sections 2.912 to 2,922 of this code, the following words and phrases mean: Cit mono er. The city manager of the city of Eugene, or the manager's designee. Eli ible cor oration. A corporation which is exempt from in- come taxes under 26 U.S.C. 501~c}~3} or ~4} as amended before December 1, 1984, and which demonstrates that upon liquidation, the assets of the corporation are required to be applied first in pay- ment of all outstanding obligations, and the balance remaining, in cash and kind, to be d~str~buted to corporations exempt from taxa- tion and operated exclusively for religious, charitable, scientific, literary or educational purposes or to the State of Oregon. Eli ible ra ert . Property within the limits of the city of Eugene which is: owned by an eligible corporation; actually and exclusively used for the purposes described in 26 U.S.C. 5o1~c}~3} or,~4}; and, occupied by low income persons, For the purposes of the s sects on property wi 11 be deemed to be accupi ed by 1 aw income persons ~ f ~ t i s made oval 1 abl a and reserved exclusively far 1 ow income persons and has been occupied by a low income tenant within the last six months. Only that portion of the property occupied by low income persons sha11 be eligible property. Low income. Income lower than that established for very low income families as defined by 42 U.S.C. section 1431a~b}~2} as amended before December 1, 1984, Owner or owned. The owner or purchaser of property for which- an exemption is sought. For purposes of this section a corpora- t~ on why ch has only a 1 easehol d interest i n property i s deemed to be a purchaser of that property if: ~a} The corporation is obligated under the terms of the lease to pay the ad valorem taxes on the real and personal property used to provide low income housing; or fib} The rent payable by the corporation has been estab- lished to reflect the savings resulting from the exemption from taxation. Ordinance - 1