Item 2D: Resolution on Low-Income Housing Tax Exemption

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! 5. 0 Yes x No Are you aware of any conflict \'lith the City's Housing Dispersal I Policy? i If yes, please provide any explanation of mitigating circumstances that should be I considered by the City. 16. x Yes 0 No \/Vi!! the development cause displacement of low-income persons? If yes, please explain mitigating factors that should be considered by the City. $104,000 of awarded HOME Grant funds have been allocated for relocation of current eligible tenants. The City of Eugene has llired a consultant who is working with SVDP Property Management staff to identify comparable units for affected tenants ! 7. 0 Yes x No \Nill the de\f'eiopment cause destruction of historic property? If yes, I please pro'/ide information as to any permit therefore or exception granted by the! City Council. 1 I 8. x Yes 0 No The portion of the property for which exemption is sought is or wil! be offered for rent Rents will be charged to eligible .program participants I 9. x Yes [] No The portion of the property for which exemption is sought is or will be occupied solely by low-income persons. If yes, please attach a Certification of Income Levels of Lovv'-income Occupants as Schedule 5. . . 10. x Yes 0 No The required rent payment reflects, or will reflect the fun value of the property tax exemption. Attach documentation as Sche~uie 6. ! 11. Describe how the tax exemption will benefit project occupants: Tenants will pay no more than 30(/0 of their annual income in rent. This income ranges from O-and average of $850 per month. Project rents wi!! be used to pay for operating costs for this project estimated at $65,000, including payment for utilities. Grant funds pay a $42,000 portion of this cost for the next two years. It is anticipated that this grant will be renewed for an indefinite period. Rents will be applied to the annual operating budget, and wili leave the project with $13,000 to fund services not covered by the current grant. Estimated services; based on a current population of 6 participants are $10,000 per year. This !eaves an estimated $3,000 to cover 8 additional veterans. If property taxes were not waived, the service deficit wili increase substantially.