Item 4 - Low-Income Prop Tx Ex. - Laserfiche WebLink

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Property Tax Exemption for Low-income Rental Housing SCHEDULE 3 - RENT REGULATORY AGREEMENT PARTIES: City of Eugene, a municipal corporation of the State of Oregon (City) and St. Vincent de Paul of Lane County Inc. (Applicant) RECITALS: A. Pursuant to the provisions of Sections 2.937 to 2.940 of the Eugene Code, 1971, and the Standards and Guidelines approved by Resolution No. 4327 of the City Council, the City administers a program that provides an exemption from ad valorem taxes for new Iow-income rental housing. B. Applicant has submitted an application for property tax exemption for property located at 150 Santa Clara Avenue, Eugene Oregon 97404 (Subject Property), to which this Agreement is attached as Schedule 3, as required by Section 5.1 of the above-referenced Standards and Guidelines. Now, therefore, the parties agree as follows: 1. Report. Applicant agrees that on or before February 1 of the first tax year to which this exemption applies, and on or before February 1 of each year thereafter for the duration of the tax exemption period, it will provide to the City a report that certifies under oath: a. The total number of rental units on the Subject Property which are occupied and unoccupied as of December 31 of the preceding calendar year; b. The income levels of the occupants of the rental units; c. That unoccupied units are being offered for rental solely as a residence for Iow-income persons; and d. That the required rental payment(s) reflect the full value of the property tax exemption granted to Applicant for the Subject Property.