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Item 4 - Low-Income Prop Tx Ex.
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Item 4 - Low-Income Prop Tx Ex.
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6/9/2010 1:09:41 PM
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8/9/2004 11:49:56 AM
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Agenda Item Summary
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8/9/2004
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Property Tax Exemption for Low-income Rental Housing <br /> <br />EXHIBIT A - DEFINITIONS <br /> <br />See ORS 65.001(31 ) and 65.001(33) Definitions on Exhibit A <br />1. LOW-INCOME. Income at or below 60 percent (60%) of the area median <br /> income as determined by the State Housing Council based on information <br /> from the United States Department of Housing and Urban Development <br /> (HUD). <br />2. LOW-INCOME RENTAL HOUSING. Rental housing constructed after <br /> February 12, 1990 which is occupied by Iow-income person(s). <br />3. PUBLIC BENEFIT CORPORATION. A domestic corporation which: <br /> a. Is formed as a public benefit corporation pursuant to ORS 65.044 to <br /> 65.067, is designated as a public benefit corporation by a Statute, is <br /> recognized as tax exempt under Section 501 (c)(3) of the Internal <br /> Revenue Code of 1986 or is otherwise organized for a public or <br /> 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 <br /> as exempt under Section 501 (c)(3) of the Internal Revenue Code of <br /> 1986; and <br /> c. Does not come within the definition of "religious corporation." <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 <br /> religious corporation by a Statute, or is organized primarily or exclusively for <br /> religious purposes. <br /> <br /> <br />
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