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<br />Property Tax Exemption for Low-income Rental Housing
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<br />EXHIBIT A - DEFINITIONS
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<br />See ORS 65.001(31) and 65.001(33) Definitions on Exhibit A
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<br />1. LOWwINCOME. Income at or below 60 percent (60%) of the area median incorne
<br />as determined by the State Housing Council based on information from the United
<br />States Department of Housing and Urban Development (HUD),
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<br />2. LOW-INCOME RENTAL HOUSING. Rental housing constructed after February 12,
<br />1990 which is occupied by low..income person(s).
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<br />3. PUBLIC BENEFIT CORPORATION. A domestic corporation which:
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<br />a. Is formed as a public benefit corporation pursuant to ORS 65,044 to 65.067,
<br />is designated as a public benefit corporation by a Statute, is recognized as
<br />tax exempt under Section 501 (c)(3) of the Internal Revenue Code of '1986 or
<br />is otherwise organized for a public or charitable purpose;
<br />b. Is restricted so that on dissolution it must distribute its assets to an
<br />organization organized for a public or charitable purpose; a religious
<br />corporation, the United States, a state or a person which is recognized as
<br />exempt under Section 501 (c)(3) of the Internal Revenue Code of .1986; and
<br />c. Does not come within the definition of "religious corporation."
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<br />4, RELIGIOUS CORPORATION. A domestic corporation which is formed as a
<br />religious corporation pursuant to ORS 65.044 to 65.067, is designated a religious
<br />corporation by a Statute, or is organized primarily or exclusively for religious
<br />purposes.
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