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NOTE: There are four different median income limits involved here: <br /> a. The federal low income tax credit program has an income limit of 60 percent of <br />median income. Apparently P3 hopes to obtain an allocation of these credits, which are awarded <br />by the State in a very competitive process. Other HPB-supported projects are likely to be in that <br />competition. <br /> b. The low income housing property tax exemption, which P3 is seeking from the City, <br />also has a 60 percent of median income limit for eligibility. This figure derives from State law. <br />ORS 307.515, .517 <br /> c. The City's Dispersal Policy uses a figure of 50 percent of median income, to define <br />low-income families. <br /> d. The Housing Policy Board supports projects whose rents are affordable to families at <br />incomes significantly below 50 percent of median income, generally below 40 percent. <br /> <br /> L:\CMO\2004 Council Agendas\M040809\S0408094.doc <br /> <br /> <br />