Resolution No. 5028 - Laserfiche WebLink

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STANDARDS AND GUIDELINES for Processing Low - Income Rental Housing Property Tax Exemption Applications For purposes of these Standards and Guidelines, the following words and phrases mean: City Manager The City Manager of the City of Eugene, or his or her designee. Low - income Income at or below 60 percent of the area median income as determined by the State Housing Council based on information from the United States Department of Housing and Urban Services. Low - Income Rental Housing Rental housing constructed after February 12, 1990 which is occupied by low- income persons. 1. Statement of Program Purpose The purpose of the low- income rental housing local property tax exemption program is to provide an incentive that will encourage construction of new rental housing for low- income persons. 2. Eligible Proyerty To be eligible for local property tax exemption hereunder: 2.1 If unoccupied, the property is offered for rental solely as a residence for low- income persons, or held for the purpose of developing low income rental housing; 2.2 If occupied, the property, or portion thereof subject to the property tax exemption, must be occupied solely as a residence for low- income persons; 2.3 The required rent payment must reflect, the full value of the property tax exemption; 2A The housing units on the property must be constructed after February 12, 1990; 2.5 The property owner must agree to comply with the policies set forth in Section 5 of these Standards and Guidelines; 2.6 The proposed development must be consistent with the City's Housing Dispersal Policy; 2.7 The proposed development will not cause displacement of low - income persons unless the City and developer can reach agreement on provisions (to be provided by the developer) that reflect satisfactory mitigation thereof; Exhibit A to Resolution No. 5028 Standards and Guidelines - Page 1 of 5