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<br />EUGENE CITY COUNCIL <br />AGENDA ITEM SUMMARY <br /> <br />c <br /> <br />Adoption of Resolution 4867 Approving a Low-Income Rental Housing Property Tax <br />Exemption for the Property Located at 951 West 7th, Eugene, Oregon (Assessor's <br />Property Account Number 0266211) (St. Vincent de Paul Society of Lane County, Inc.) <br /> <br />Meeting Date: April 10, 2006 <br />Department: Planning and Development <br />www.eugene-or.gov <br /> <br />Agenda Item Number: 2D <br />Staff Contact: Richie Weinman <br />Contact Telephone Number: 682-5533 <br /> <br />ISSUE STATEMENT <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 de Paul's (SVDP) Vet Lift project at <br />951 W. ih Avenue. <br /> <br />BACKGROUND <br />The council has a history of supporting low-income housing tax exemptions and has approved virtually <br />every request to-date from either non-profit or for-profit entities. <br /> <br />A key element in creating lower-cost affordable housing for low-income households is an exemption <br />from property taxes for 20 years. A property tax exemption plays a significant role in reducing rents. <br />This particular project is serving a critical population with very limited resources: 12-16 chronically <br />homeless veterans. The residents will also receive intensive case management services. This <br />development's subsidies include $300,000 of HOME grant funds, which were previously approved by <br />City Council. At that time, this property tax exemption application was forecasted. The City is also <br />loaning the project $265,000 from the housing rehabilitation loan program. <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 and the City Council has already approved other <br />subsidies, including HOME funds and use of the site. <br /> <br />RELATED CITY POLICIES <br />Since 1987, one of the City Council's annual goals has related to homelessness or increasing the <br />availability oflow-income housing. For low-income households, this always requires subsidies. <br />Support for low-income housing also is found in the City's Growth Management Goals and the adopted <br />Housing and Urban Development (RUD) Consolidated Plan. <br /> <br />COUNCIL OPTIONS <br />City Council may approve or deny the tax exemption. <br /> <br />LICMOl2006 Council Agendas1M0604101S0604102D.doc <br />